Kamala Harris versus Donald Trump Predictions: The 2024 presidential election’s impact on the tax code as it relates to estate planning.
We are now just days away from the 2024 presidential election of Harris versus Trump, where the potential tax code changes impacting the area of estate planning are generating significant interest among taxpayers, estate planning attorneys, financial advisors, CPAs, etc. The author of this article has learned his lesson over the years on trying to predict which candidate will win, so instead he will try to predict what will happen to the tax code as it relates to estate planning depending on whether Vice President Kamala Harris or former President Donald Trump wins the presidential election. Each candidate’s economic philosophy and policy proposals suggest starkly different approaches to taxation that could reshape the financial landscape of the United States. However, this article will look past each candidate’s proposals to predict what actually will happen to the tax code in relation to estate planning matters.Kamala Harris: Progressive Taxation and Social Investment
During much of her campaign, Harris has generally stated her continued focus on progressive taxation. Harris has long advocated for increasing taxes on the wealthiest Americans and corporations to fund social programs. We saw this previously when Harris pushed for the “LIFT the Middle Class Act,” but over the years her proposed policies have changed in various manners. The following is a general overview of her various positions today, as well as this author’s prediction on what changes we might see if Harris wins the 2024 presidential election as they relate to estate planning.
