Kamala Harris's 2025 Tax Plan EXPLAINED

"Kamala Harris says that she wants to give up to $25,000 in down payment assistance to first-time home buyers more specifically she wants to give $25,000 in down payment assistance for the 400,000 first generation home buyers or home buyers who don't own a home and up to a $10,000 tax credit for first-time home buyers"

"the second thing she wants to do is raise the child tax credit from $2,000 to $6,000 meaning if you have a newborn child you can get up to $6,000 in tax credits"

"third she said on her campaign tour that she's interested in removing the income taxes on the money you make from tips so if you're a barista a waiter or waitress and you're making money in tips that would be beneficial for you"

"she wants to change some of the income taxes that you pay based off of the money that you earn"

"the reason why these tax rates are lower than what they used to be is because back in 2017 Donald Trump when he was president passed the tax cut and jobs act which lowered the tax rates and they are set to expire at the end of next year and it seems that kamla Harris wants to let this expire so the tax rates would go back up"

"the first change that she proposes on investment taxes is raising the top capital gains rate to 44.6%"

"creating a 25% tax on unrealized capital gains for certain High net worth and high earner individuals"

"the third major proposal is to raise corporate tax rates from 21% which is where it is right now up to 28%"

"cutting taxes for W2 job earners"

"he says that he wants to cut or eliminate taxes on tips which would benefit bartenders and waiters"

"he says he wants to extend the tax cuts for big corporations"