The University of Pennsylvania has developed a nonpartisan Budget Model to compare the impact of both former President Donald Trump and Vice President Kamala Harris’ tax plans on taxpayers at different income levels. The Penn Wharton Budget Model has limitations. For example, it doesn’t include all policy proposals such as both candidates’ plan to exempt tip income from taxes. That being said, it does provide a helpful summary of what each candidate will prioritize. In short, Harris would cut taxes for lower earners but raise them for the wealthy. Trump would cut taxes across the board but offer bigger tax breaks for higher earners. The chart below, from a recent article in Barron’s Magazine, summarizes the impact of each candidate’s tax plan on individuals at different income levels.



There are a lot of factors that will impact the tax policy of either candidate should they win the election, however, the above chart provides a good framework of how it could look and the priorities of each candidate. We’ll know a lot more in a few weeks!