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She has, however, promised not to raise taxes on individuals earning less than $400,000 annually.
Aside from that, there are a few other possible changes that could come about if Harris is elected.
But again, the exact changes are still unknown.
Theyre also not entirely determined based on who the U.S. president is.
Despite this, Putnam did suggest a few possible tax law changes that could occurif Harris wins the election.
The TCJA impacted both individuals and businesses with its tax reforms and more specifically, its tax cuts.
The changes to businesses, however, are permanent.
If Harris wins, Putnam predicted there will be a removal of thestate and local taxes cap.
Many of the COVID-[era] stimulus programs were implemented through tax policy, said Putnam.
These programs, such as the Employee Retention Credit, were unfortunately abused byunscrupulous tax preparers and promoters.
Fraudulent claims are estimated to come out at an estimated $7 billion.
The increase in fraudulent claims and other scams could cause the government to buckle down further on tax preparers.
The Republican tax law changes from 2017 are set to expire in 2025, said Putnam.
Its possible that Harris will also continue the same policies initiated under the Biden-Harris administrations FY 2025 budget.
Whether these predictions come to pass is dependent on more than who the president is.
Again, all of the above is highly dependent on who controls the legislative branch, said Putnam.
A split executive and legislative branch makes these changes less likely or less expansive.
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