What the 2024 Presidential Election Means for Your Taxes

As we approach the 2024 Presidential Election, many people are wondering what changes may occur when it comes to taxes. The outcome of the election will have a significant impact on tax policies, and it’s essential to keep informed about the potential changes. With the possibility of either a new administration or a re-elected President with different priorities, the 2024 election could bring forth a new set of tax laws. This article will explore some of the potential changes that could affect you and your finances.

Income tax rates

Perhaps the biggest impact to your finances may come from changes to income tax rates. Depending on who wins the 2024 election, we could see a shift in how much you pay in income tax. For instance, one candidate may raise the tax rate for those earning over a certain amount, while another may lower income tax rates across the board. These changes, depending on your income and filing status, could have a profound impact on your finances.

Capital gains tax

There is also the potential for changes in capital gains taxes rates. Capital gains tax is the tax you pay on profits earned from selling assets, such as stocks or real estate. The current administration has already proposed an increase in capital gains tax rates, and this could be an area where we see additional changes based on which candidate is elected.

Estate taxes

Estate taxes are the tax levied on the transfer of property or assets after a person’s death. While these taxes have already undergone substantial reforms in the past few years, changes to estate taxes may still be on the table in 2024. It is possible that we will see changes in the exemption levels for estate taxes or even the repeal of the estate tax altogether.

Corporate taxes

Corporate taxes may be another area that sees changes in the 2024 election. Currently, the corporate tax rate is set at 21%. However, this could be subject to change depending on who is elected. For instance, one candidate might propose an increase in the corporate tax rate, while another could propose lowering the rates further to increase incentives for companies.

Tax credits and deductions

The 2024 election could also bring changes to tax credits and deductions. Depending on who wins, we could see some tax credits and deductions eliminated while others are added. For instance, some candidates have already proposed expanding the child tax credit while others are looking to eliminate it altogether. As a taxpayer, it's important to keep track of these potential changes to ensure that you are taking advantage of the appropriate tax credits and deductions.

Conclusion

The 2024 Presidential Election could bring forth significant changes in tax policy, which could impact your finances. From income tax rates to estate taxes, it's important to keep abreast of the potential changes so you can plan accordingly. We hope this article provided you with some insight into what the 2024 presidential election could mean for your taxes. As the election approaches, stay informed about the candidates, their proposed policies, and how it may impact your finances.