What are some tax policy questions that the 2024 presidential candidates should address?
For starters, child deductions. Will they increase or stay the same? We’ve seen recently that JD Vance, Republican candidate for Vice President, has said that he wants to increase the child tax credit to 5,000 dollars. This would be a 150 percent increase from the current tax credit.
Next up we have inflation? How will they tackle inflation? Tax policy plays a big role here. We have one candidate from the current administration with the highest inflation rates that isn’t actively doing anything to reduce it.
And then we have income tax rates—will they go up or down? Democrats may call for higher taxes on the wealthy, while Republicans could push for cuts, arguing it fuels economic growth.
Regardless of what you’re paying attention to, taxes affect every single one of us. Know your candidates’ positions! Understand how their tax plans could impact your wallet, from deductions to credits.
