Trump Vs. Harris: How The Candidates' Corporate Tax Proposals Stack Up
Portfolio Pulse from Erica Kollmann
The article discusses the corporate tax proposals of presidential candidates Donald Trump and Kamala Harris. Trump's plan includes extending the Tax Cuts and Jobs Act (TCJA) and further reducing corporate tax rates, while Harris proposes increasing the corporate tax rate and introducing a higher corporate alternative minimum tax. The article highlights the impact of the TCJA on companies like Meta Platforms and Verizon Communications, which saw significant tax savings and profit increases.
October 30, 2024 | 12:45 pm
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Meta Platforms benefited from the TCJA with a reduced tax rate, saving $8 billion from 2018-2021. Trump's plan to extend TCJA could continue these benefits, while Harris' proposal to raise corporate taxes could increase Meta's tax expenses.
Meta's effective tax rate dropped significantly under the TCJA, leading to substantial tax savings. Trump's plan to extend the TCJA could maintain these benefits, while Harris' proposal to increase corporate taxes could raise Meta's tax liabilities.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Verizon Communications saw a significant tax reduction under the TCJA, saving $11 billion from 2018-2021. Trump's plan to extend TCJA could continue these savings, while Harris' proposal to raise corporate taxes could increase Verizon's tax expenses.
Verizon's effective tax rate dropped significantly under the TCJA, leading to substantial tax savings. Trump's plan to extend the TCJA could maintain these benefits, while Harris' proposal to increase corporate taxes could raise Verizon's tax liabilities.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80