TAXES

Under the Trump administration's proposal for 2024, individuals would benefit from a lower tax rate of 12.47%, resulting in significant increases in both real income and earnings—$6,381 and $4,290, respectively. Additionally, the plan suggests removing taxes on tips and Social Security income, alongside savings of $12,450 from deregulation efforts. These measures aim to provide substantial financial relief to individuals by reducing their tax burden and eliminating certain taxes that affect everyday income.

In contrast, the Harris administration's proposal for 2024 presents a different fiscal approach. It suggests a higher individual tax rate of 13.35%, which would result in a smaller increase in real income and earnings—$716 and $2,400, respectively. The proposal also includes a steep 70% tax rate and plans to tax digital transactions through platforms like Venmo, as well as impose taxes on 1099 income.

Additionally, deregulation costs are projected to be significantly higher at $90,000, indicating a potential increase in government oversight and regulation. These changes reflect a shift towards increased taxation and regulatory measures under the Harris administration.