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Jordan Goodman-Moneyanswers.com spoke to Bill about differences in tax policy between Harris and Trump.
Harris wants to raise the corporate tax rate from 21% to 28% and raise the top individual rate to 39.6% from 37%. She wants to tax unrealized capital gains in people with more than a million dollars in income in a year. She wants to eliminate the step-up in basis for assets passed on to children. She wants to add a tax credit to help small business startups.
Trump wants to lower the corporate tax rate from 21% to 15%. He wants to renew the tax cuts from 2017 and make them permanent when they expire at the end of 2025. He wants to encourage more oil and gas drilling with various tax incentives. He does not want to raise individual tax rates or touch the estate tax exemption.
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