Here's a quick summary on the tax platforms of Trump and Harris:

The expiration of certain provisions of 2017's Tax Cut and Jobs Act (TCJA)  at the end of 2025 could impact tax rates.

Whether or not those provisions lapse or are extended will almost certainly be decided by who controls the White House and Congress.  Your vote next week counts!

No matter who wins the 2024 elections, tax policy is likely to be a significant topic in 2025. That’s because provisions of TCJA, which reduced taxes on income and estates, are set to expire on 12/31/25. If the new Congress and President do nothing, those taxes will go up.

Trump has his vision, which calls for an extension of those cuts, paying for the costs in part with tariffs on imports. If tariffs are passed, we are told to expect the higher costs of those imported products to increase which in turn means those higher prices will be passed along to all of us.  His plan has been dubbed "the new national sales tax."

Harris has a different vision, calling for an extension of TCJA cuts for those making under $400,000, allowing them to expire for wealthier Americans. Of course, the actual outcome will depend on many factors, including the makeup of Congress.  

Hope this helps.  If you have questions, please let me know.