Trump, Harris tout tax plans ahead of presidential debate
Published On Sep 10, 2024, 2:00 AM
Donald Trump and Kamala Harris are outlining their tax plans as they prepare for their first presidential debate following President Biden's withdrawal from the race. Trump is proposing a reduction of the corporate tax rate from 21% to 15% for companies manufacturing in the U.S., claiming this would boost American manufacturing. Conversely, Harris is advocating for tax increases, including a minimum 25% tax on high-income households, increased capital gains tax for the wealthy, and a quadrupling of the tax on stock buybacks. These proposals reflect differing economic philosophies aimed at influencing voters in the upcoming election.
Stock Forecasts
XLI
Positive
Trump's corporate tax rate cut may create a favorable environment for U.S. manufacturers, potentially boosting stocks in the industrial sector. Companies that align with his policies may see increased investment.
QQQ
Negative
Harris' proposed tax increases, particularly on capital gains, could lead to decreased investor sentiment in the stock market, especially among high-income individuals. This may negatively affect technology and high-growth stocks that often rely on capital gains for value appreciation.
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