Here’s what we know about the 2024 presidential candidates’ tax proposals

CNN —

Creating a flat tax. Eliminating the federal gas tax.

Florida Gov. Ron DeSantis and former South Carolina Gov. Nikki Haley, who are vying for the 2024 Republican presidential nomination, threw out some catchy phrases about their tax plans at CNN’s debate on Wednesday. But they did not provide many details.

With the start of the 2024 primary season only days away, DeSantis, Haley, former President Donald Trump and President Joe Biden have yet to flesh out their tax proposals. They are unusually thin for this point in the election cycle, experts said.

“They’re being deliberately unspecific,” said Howard Gleckman, senior fellow at the nonpartisan Urban-Brookings Tax Policy Center.

All the candidates, including Biden, have at least one thing in common: They want to extend at least some of the measures of the 2017 Tax Cuts and Jobs Act, which Trump championed and signed into law. The fate of the individual income tax provisions will be a top priority of whoever wins the November election since they are set to expire at the end of next year.

However, continuing the individual income and estate tax cuts would slash federal revenue by $2.6 trillion over a decade, according to the right-leaning Tax Foundation. And restoring some business and international tax measures that were changed by the 2017 TCJA law would reduce revenue by up to another $1.1 trillion.

That drop in tax revenue would come at a time when both political parties are worried about widening federal budget deficits and mounting debt, sparking battles in Congress over funding government agencies for fiscal 2024.

Here’s what we currently know about the candidates’ tax plans.

DeSantis: The Florida governor voiced his support of a flat tax at