The U.S. elections are being fought on several fronts and one of the important battlegrounds is the tax plans announced by the two presidential candidates – Kamala Harris and Donald Trump. With the massive tax cuts announced in 2017 set to expire next year, promises are being made to either extend some of the benefits or to even raise some the taxes. But, a clear divide has emerged with Democrats focusing on tax cuts for the middle-class and higher taxes for the rich, and the Republicans promising to ease the burden on the rich and the industry. An interesting aside of this tax war is the effort to attract the young with both sides promising to remove taxes on income from tips. However, both sides are also more cognisant of the fact that the U.S.’ fiscal deficit, which hit a massive $1.52 trillion in the first 9 months of the FY24 fiscal year, cannot be allowed to balloon unchecked.