How Your Taxes May Change After 2025

The majority of Americans, 56%, say they pay too much in federal income tax, according to an April 2024 Gallup poll. Only 22% believe they receive valuable services from those taxes, according to an AP-NORC January 2024 survey. If the 2017 tax cuts are allowed to expire in 2025, about 62% of taxpayers would see their bills go up, according to the Tax Foundation. This means the 2024 election will determine which political party will get to shape Americans' taxes for years to come.

Chapters:
0:00 Introduction
1:38 Trump's plan
5:15 Harris' plan
10:21 Taxes on corporations

Produced by: Charlotte Morabito
Additional Reporting by: Kate Dore
Edited by: Nora Rapapport
Additional Editing by: Andrea Miller
Animation: Jason Reginato
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images

About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online

#CNBC
#Tax

How Your Taxes May Change After 2025

[JewelzRamic]

The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of

[gmv]

If congress does not do their job, then it does not matter what Harris and Trump want to do!

[Natalieneptune]

The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25, 000 a year.

[Olivia-zc]

Since Biden took office, there seem to have been more unfavorable results in America. These results include effects on the markets, such as price declines and sharp increases in inflation, as well as bank failures. I wonder if the sudden increase in interest rates will help value investors or if it would be wiser to stay away from the stock and financial markets for the time being.

[jamestaylor]

If they get rid of taxes on tips, we're gonna start seeing a lot of CEO compensation packages be labeled as "tips"

[jacobwrona]

Cut the overseas handouts.
Stop giving free money to non citizens.

[jgsimons]

Why is there no discussion on the ineffective spending of the government. If the government improved their spending then tax increase would be less a requirement. The US government is the most inefficient organization in the world.

[cacosartto]

Need to reduce government spending, problem solved

[octoberranile]

Unrealized gains to be taxed? That's crazy

[Johnrl]

Everyone wants a balanced budget and lower debt…..as long as it does not affect their livelihood at all.

[ChristianJacquet-myrl]

It's disheartening to think that our tax dollars are being spent on international interests instead of tackling our own nation's challenges, such as rising rents and stagnant wages, which are making it difficult for me to make ends meet. In fact, I've been forced to dip into my savings to keep up with the increasing costs. However, I'm determined to make the most of my situation and invest the remaining $100, 000 in a non-retirement account to secure my financial future. Advice on how to grow this sum would be greatly appreciated, especially considering the current economic climate.

[zaffo]

What a joke. In California our federal tax bill went up by 33% under Trump. If Harris gets in…fully expect tax bill to go up another 33%. In addition to 15% state tax and 10% sales tax and crappy services.

[kevo]

raising taxes and giving the govt a larger budget is not the answer. for the govt, it’s not an income problem, it’s a spending problem.

[kma]

I love how they have to just wildly speculate about Harris' "plan" because she doesn't actually have one.

[michaelbreeland]

Did he really say that letting us keep more of our money mean a lower standard of living? 😂😅

[duaynecollins]

The fact that I need to take a college course to understand how to file my tax return is bull sprinkles.

[ga]

Government has already demonstrated how horrible they are with other people's money by spending more and more inspite of record revenue growth every single year. No more tax increases and no more growth in spending. The government needs to cut all the fluff they spend on.

[akbarca]

Stop sending money to Ukraine & Israel. That will start flling the budget gap

[longbeach]

Taxes will go up for average American while rich get tax cut even though their wealth increased.

[bomlife]

Rosenthal: We tax relatively lightly.
LOL WHAT!!! 24% federal + state + sales tax + local taxes