What Would Tax Policy Look Like If Kamala Harris Wins 2024 Election?

Vice President Kamala Harris will likely replace President Joe Biden as the Democratic nominee in the 2024 election after the latter dropped out of the race on Sunday. What would tax policy look like under a Harris presidency?

Per AccountingToday, Harris — in 2019 — campaigned on initiatives such as Medicare for All. She also supported repealing the 2017 Tax Cuts and Jobs Act, and returning the corporate tax rate to 35%.

The Livable Incomes for Families Today Act, legislation she proposed in 2019, would have provided yearly tax credits of up to $3,000 for individuals and $6,000 for joint filers with incomes of up to $100,000.

After dropping out of the 2020 White House race, Harris joined Biden’s ticket as his vice president and vowed no tax hikes for households earning under $400,000 yearly.

The Biden administration has since pledged to renew tax cuts for this bracket, offsetting costs with increased taxes on the affluent and corporations.

Isaac Boltansky, director of policy research at financial firm BTIG, told MarketWatch that a “Harris presidency would be, for all intents and purposes, a continuation of the Biden administration.”

Recall how Biden’s Inflation Reduction Act increased funding for the Internal Revenue Service.

Also Read: Will Barack, Michelle Obama Endorse Vice President Harris? Crypto Bettors Think Yes, But There’s A Catch

Wall Street Support

Some business leaders are hopeful that a Harris presidency would be more pro-business than initially thought.

"She has a lot of relationships here, not just Wall Street," Kathy Wylde, CEO of the Partnership for New York City, a nonprofit that represents the city's business leaders, told Politico. "Biden did not have as many deep personal connections here."

According to the New York Times, Harris has frequently met with corporate executives at her residence in Washington.

The former California Senator also has backing from Lazard CEO Ray McGuire, and Marc Lasry, CEO of Avenue Capital Group.

The Opposition: Republican Donald Trump has proposed an economic agenda atypical for his party. For example, his populist economic agenda to increase foreign tariffs has received criticism from many figures and institutions in the financial world.

Trump’s running mate, J.D. Vance, has staked anti-corporate positions on some issues.

Trump also says he would cut taxes for the wealthy and reduce the corporate tax rate to as low as 15%. That’s below the current federal corporate tax of 21%.

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