The 2024 choice on taxes: Harris would boost them — Trump, lower them

If you’d like more cash in your pocket and an economy fired up by tax cuts, then Donald Trump is your man hands down.

No one is more eager to cut taxes than Trump.

Certainly not Kamala Harris; she’ll have you paying your “fair share” — over and over and over again.

Look at their plans.

Trump, for starters, would make the individual income- and estate-tax cuts of the 2017 Tax Cuts and Jobs Act permanent.

The law’s set to expire in 2025, meaning instant tax hikes of nearly $5 trillion, absent any action. Yikes!

Recall that the TCJA lowered tax rates not just for the wealthy (as the left falsely claims) but for households across every income level, per the Tax Foundation.

Meanwhile, its cuts to the corporate income-tax rate — to just 21% — helped kick-start the economy.

Trump would also:

• Scrap the $10,000 limit on the state-and-local-tax deduction (benefitting heavily taxed New Yorkers, in particular).
• Cut the corporate tax rate by yet another point, to 20%, and to 15% for domestic production.
• Make Social Security payments, overtime pay and income form tips tax-free.
• Create an itemized deduction for auto-loan interest.

True, Trump has talked about slapping tariffs on imports, some of which could be passed along to US consumers.

Yet the ex-prez hopes to use them to promote US jobs — and to counter tariffs on US good exports abroad.

That could lead to new trade deals that benefit Americans.

Harris, meanwhile, is champing at the bit to jack up taxes, hoping to match or beat President Biden’s plan to boost them by $5 trillion over 10 years.

She’s been mum on the TCJA and SALT deduction but claims she’ll make the wealthy pay their “fair share” — which plainly means tax hikes.

For the record, after the Trump cuts fully kicked in, per the National Taxpayer’s Union Foundation, the top 1% of filers made 26% of total adjusted gross income in 2021 but ponied up 46% of federal income taxes.

The bottom 50% of earners paid just 2%.

Yet Harris would slam the wealthy (and others) even more.

And some of her plans are downright radical.

For example, she’d impose — for the first time ever — a capital-gains tax on unrealized “income” over $5 million.

That would be a major blow to the economy, as the few nations that have tried similar schemes found out.

Harris would also boost the top individual income-tax rate to 39.6%, the capital-gains tax rate to 28% and the Medicare tax to 2.1%.

Perhaps her biggest smacks to the economy: goosing the corporate-tax rate to 28% and the alternative minimum corporate tax to 15%.

That would make the US business taxes the second-highest among all OECD nations, telling companies they’re better off doing business abroad.

Hmm: What’s her goal — to Make America Last Again?

No wonder the Tax Foundation found her proposals would cut long-term Gross Domestic Product by 2%, wages by 1.2% and employment by 786,000 full-time equivalent jobs.

It would also make it harder to address runaway deficits — and you can bet federal spending under Harris, as under President Biden, would swell red ink even more.

Say hello to inflation yet again.

Trump’s plan, by contrast, would boost long-run GDP by 0.8%, wages by 0.8% and employment by 597,000 FTE jobs.

Bottom line: If you like high taxes, a shrinking economy, runaway federal deficits and inflation, Kamala Harris will deliver big time.

But for lower taxes, a growing economy and more globally competitive US businesses, there’s just one option: Donald Trump.