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Battle of the Tax Plans Unveiling the Stark Differences Between Presidential Candidates' Proposals

Article Highlights:

  • Tax Position Comparisons

  • Tax Cuts and Jobs Act

Who are you going to vote for in November? Although taxes may not be the sole item leading to your decision of who to vote for in the Fall elections, it is one of many factors to consider. There is a Tax Olympics brewing in D.C. as the two parties jockey for votes. Here is a summary of their presumed positions on taxes based upon what little information is currently available. It is presented in table format so you can directly compare their probable positions.

 
TAX CUTS & JOBS ACT

The Tax Cuts and Jobs Act (TCJA),signed into law by then President Donald Trump, became effective beginning January 1, 2018. This was the largest tax legislation in 30 years and impacted both businesses and individuals. However, nearly all the provisions in it were temporary, with most provisions expiring after 2025. Congress made most of the changes temporary as a way to limit the impact on the federal budget.  

It slashed the corporate tax rate to the benefit of mostly higher earning shareholders. It reduced the alternative minimum tax (AMT) and approximately doubled the estate tax exemption and provided a 20% deduction for pass through business income. These and other key provisions of TCJA are outlined in the following table.

As noted earlier, Harris would like to repeal TCJA while Trump has indicated he would extend it.

Once individual tax cuts expire after 2025, the Tax Policy Center estimates that the majority of taxpayers—53.4%—will face a tax increase: 69.7% of those in the middle quintile will pay more, compared to just 8% of the highest-earning 0.1%.


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Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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