Education
Current law: There's no tax credit for contributions to state-identified not-for-profit scholarship-granting organizations, though some amount might be deductible as a charitable contribution.
Forgiven student loan debt generally is included in taxable income.
Donald Trump: Enact the Education Freedom Scholarship tax credit, which would provide up to $5 billion worth of income tax credits annually for individual and corporate donations to state-identified not-for-profit scholarship-granting organizations.
Joe Biden: Exclude forgiven student loan debt from taxable income.
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Estate and gift tax
Current law: For 2020, the estate and gift tax exemption is $11,580,000. This amount is scheduled to revert to the pre-TCJA indexed amount of approximately $5.8 million after 2025.
Transfers of appreciated property at death get a stepped-up basis.
Donald Trump: Extend the higher estate and gift tax exemption enacted by the TCJA that is scheduled to expire after 2025.
Joe Biden: Eliminate stepped-up basis on transfers of appreciated property at death.