As the 2020 presidential election approaches, New Jersey residents are closely watching the tax policies proposed by the two major candidates, President Donald Trump and Senator Kamala Harris. Both candidates have outlined their plans for tax reform, which could have significant implications for residents in the state.
President Trump’s tax policies have focused on cutting taxes for individuals and businesses, with the goal of stimulating economic growth. His signature achievement in this area was the Tax Cuts and Jobs Act of 2017, which lowered the corporate tax rate and provided tax cuts for individuals. While some New Jersey residents benefited from these tax cuts, others saw their deductions limited, particularly in high-tax states like New Jersey.
Senator Harris, on the other hand, has proposed tax policies aimed at increasing taxes on the wealthy and corporations in order to fund her priorities, such as healthcare and infrastructure. Her plans include repealing the Trump tax cuts for the wealthy, implementing a tax credit for renters, and raising the estate tax rate. These policies could result in higher taxes for some residents in New Jersey, particularly those in higher income brackets.
The differences in tax policies between the two candidates highlight the contrasting visions they have for the country’s economic future. While Trump’s policies have been focused on reducing taxes to stimulate growth, Harris’s policies aim to redistribute wealth and fund social programs. New Jersey residents will have to weigh the potential benefits and drawbacks of each candidate’s tax policies when they head to the polls in November.
Overall, the tax policies proposed by President Trump and Senator Harris could have significant implications for residents in New Jersey. It will be important for voters to consider these policies carefully when making their decision on Election Day.
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