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.

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Stock Forecasts

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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.

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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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