Donald Trump’s 2024 campaign is heavily focused on tax reform, with ten new tax cut proposals already on the table. One of the latest is a tax deduction for car loan interest, designed to alleviate the financial strain of rising car prices.

Beyond that, Trump’s other promises include extending the 2017 Tax Cuts and Jobs Act (TCJA), lowering the corporate tax rate to 15%, and reversing the $10,000 cap on state and local tax (SALT) deductions. He’s also advocated for eliminating taxes on tips, overtime pay, and Social Security benefits, along with a tax break for Americans living abroad to address double taxation.

Trump’s plan also includes tax relief for working families, though specific details on this remain unclear. All of these cuts are estimated to increase the national deficit by $7.5 trillion over the next decade. To offset this, Trump continues to promote tariffs as a potential revenue stream, though the numbers suggest this may cover only a portion of the cost.

In contrast, Kamala Harris, the current Democratic nominee, has her own tax proposals. These include eliminating taxes on tips, providing tax credits for first-time homebuyers, and offering a limited extension of TCJA tax cuts for individuals earning under $400,000 per year.

Trump’s and Harris’s tax policies will have significant implications for the U.S. economy and federal debt, with experts forecasting increased national debt under both plans, though Trump's proposals may lead to a more substantial rise.

As tax plans from both candidates evolve, staying informed on how these changes could impact your financial future is essential.