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Billionaire right-wing oligarch Elon Musk jumps on stage as he joins Republican presidential candidate Donald Trump during a campaign rally at site of his first assassination attempt in Butler, Pennsylvania on October 5, 2024.
A side-by-side comparison makes it clear as day. One party would increase the pain on the poor to lavish more wealth on the already wealthy. The other would finally ask those with the most to pay their fair share.
Presidential candidates Kamala Harris and Donald Trump have put forward a wide range of different tax proposals during this year’s campaign. We have now fully analyzed the distributional impacts of the major proposals of both Vice President Harris and former President Trump in separate analyses (see here for Harris and here for Trump).
In all, the tax proposals announced by Harris would, on average, lead to a tax cut for all income groups except the richest 1 percent of Americans, while the proposals announced by Trump would, on average, lead to a tax increase for all income groups except the richest 5 percent of Americans.
If the Harris proposals were in effect in 2026, the richest 1 percent – with incomes of $914,900 and above – would receive an average tax increase equal to 4.1 percent of their income. All other income groups would receive tax cuts, including an average tax cut equal to 2.7 percent of income for the middle fifth of Americans – with incomes between $55,100 and $94,100 – and an average tax cut equal to 7 percent of income for the poorest fifth of Americans (those with incomes less than $28,600).
Under the Trump proposals, in 2026 the richest 1 percent would receive an average tax cut equal to 1.2 percent of their income. The next richest 4 percent – with incomes between $360,000 and $914,900 – would receive an average tax cut equal to 1.3 percent of their income. All other income groups would receive tax increases, including an average tax increase equal to 2.1 percent of income for the middle fifth of Americans and an average tax hike equal to 4.8 percent of income for the poorest fifth of Americans.
Average tax changes vary widely between the two candidates’ plans. For example:
This analysis examines major tax proposals Harris has explicitly announced and others that are major pieces of President Biden’s tax agenda, which Harris has said she would pursue and which are consistent with her campaign pledges:
This analysis also includes all of Trump’s major tax proposals, including:
For more details on the impact of either of the candidates’ tax proposals, you can read more here:
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
Presidential candidates Kamala Harris and Donald Trump have put forward a wide range of different tax proposals during this year’s campaign. We have now fully analyzed the distributional impacts of the major proposals of both Vice President Harris and former President Trump in separate analyses (see here for Harris and here for Trump).
In all, the tax proposals announced by Harris would, on average, lead to a tax cut for all income groups except the richest 1 percent of Americans, while the proposals announced by Trump would, on average, lead to a tax increase for all income groups except the richest 5 percent of Americans.
If the Harris proposals were in effect in 2026, the richest 1 percent – with incomes of $914,900 and above – would receive an average tax increase equal to 4.1 percent of their income. All other income groups would receive tax cuts, including an average tax cut equal to 2.7 percent of income for the middle fifth of Americans – with incomes between $55,100 and $94,100 – and an average tax cut equal to 7 percent of income for the poorest fifth of Americans (those with incomes less than $28,600).
Under the Trump proposals, in 2026 the richest 1 percent would receive an average tax cut equal to 1.2 percent of their income. The next richest 4 percent – with incomes between $360,000 and $914,900 – would receive an average tax cut equal to 1.3 percent of their income. All other income groups would receive tax increases, including an average tax increase equal to 2.1 percent of income for the middle fifth of Americans and an average tax hike equal to 4.8 percent of income for the poorest fifth of Americans.
Average tax changes vary widely between the two candidates’ plans. For example:
This analysis examines major tax proposals Harris has explicitly announced and others that are major pieces of President Biden’s tax agenda, which Harris has said she would pursue and which are consistent with her campaign pledges:
This analysis also includes all of Trump’s major tax proposals, including:
For more details on the impact of either of the candidates’ tax proposals, you can read more here:
Presidential candidates Kamala Harris and Donald Trump have put forward a wide range of different tax proposals during this year’s campaign. We have now fully analyzed the distributional impacts of the major proposals of both Vice President Harris and former President Trump in separate analyses (see here for Harris and here for Trump).
In all, the tax proposals announced by Harris would, on average, lead to a tax cut for all income groups except the richest 1 percent of Americans, while the proposals announced by Trump would, on average, lead to a tax increase for all income groups except the richest 5 percent of Americans.
If the Harris proposals were in effect in 2026, the richest 1 percent – with incomes of $914,900 and above – would receive an average tax increase equal to 4.1 percent of their income. All other income groups would receive tax cuts, including an average tax cut equal to 2.7 percent of income for the middle fifth of Americans – with incomes between $55,100 and $94,100 – and an average tax cut equal to 7 percent of income for the poorest fifth of Americans (those with incomes less than $28,600).
Under the Trump proposals, in 2026 the richest 1 percent would receive an average tax cut equal to 1.2 percent of their income. The next richest 4 percent – with incomes between $360,000 and $914,900 – would receive an average tax cut equal to 1.3 percent of their income. All other income groups would receive tax increases, including an average tax increase equal to 2.1 percent of income for the middle fifth of Americans and an average tax hike equal to 4.8 percent of income for the poorest fifth of Americans.
Average tax changes vary widely between the two candidates’ plans. For example:
This analysis examines major tax proposals Harris has explicitly announced and others that are major pieces of President Biden’s tax agenda, which Harris has said she would pursue and which are consistent with her campaign pledges:
This analysis also includes all of Trump’s major tax proposals, including:
For more details on the impact of either of the candidates’ tax proposals, you can read more here: