Published on 30 Oct 2024 on Benzinga
Trump Vs. Harris: How The Candidates' Corporate Tax Proposals Stack Up - Meta...
Many tax benefits under the Tax Cuts and Jobs Act are set to expire in 2025 which has led to ongoing discussions about their future and potential extensions ahead of next week's presidential election. Republican candidate Donald Trump and Democratic candidate Vice President Kamala Harris have presented their ideas on corporate tax policy while on the campaign trail.
Tax Cuts and Jobs Act: The Tax Cuts and Jobs Act (TCJA) was signed into law in 2017 and significantly overhauled the U.S. tax code. Under the TCJA, corporate tax cuts reduced the average effective tax rate for large corporations from 22% to 12.8% with many of the largest and most profitable corporations seeing the largest tax breaks. However, the TCJA has been criticized for disproportionately benefiting higher-income individuals and corporations and its long-term impact on federal revenue.