Taxes & The Election: Voters Weigh-In On Economic Importance

CHARLOTTE, NC — The economy continues to be top of mind for voters. A Bloomberg poll shows 1/3 of people say it’s the most important issue.

Of course, taxes and the economy go hand in hand.

“The greatest tax opportunity in history literally is closing the window is closing in 2025,” said Alloy Wealth Management Inc. founder Mark Henry.

That closing window is the Tax Cuts and Jobs Act of 2017 which decreased income tax rates for most Americans.

“If nothing is done, we’re going to revert back to what taxes were prior to the Jobs Cut and Tax Reform Act that happened in 2017,” explained Henry.

Both candidates have proposed several tax changes. Former President Donald Trump has proposed eliminating taxes on Social Security, Vice President Kamala Harris has said she hopes to increase Social Security taxes for those with higher-incomes.

Harris has proposed corporate tax increases to reduce the US debt. Trump plans to decrease corporate taxes and increase taxes on imported goods. Both candidates to agree on one thing.

“One of the proposals has been that both candidates kind of agree on, and I guess they go back and forth on who thought of it first, was not paying tax on tips,” said Henry.