Harris and Trump have competing tax plans. Here's how your paycheck would change under both.

Presidential candidates commonly trot out new tax proposals as part of their campaign platforms, often pledging to help ease the financial burden on taxpayers. This year, the plans emerging from rivals Kamala Harris and Donald Trump could affect voters' paychecks in very different ways. 

Former President Donald Trump would seek to extend the tax cuts enacted through the Tax Cuts and Jobs Act, his signature 2017 legislation that reduced taxes for most Americans, although research has shown the top earners received the biggest benefits. He's also proposing to eliminate taxes on tips and on Social Security income, while also lowering the corporate tax rate.

Vice President Harris has proposed introducing more generous tax benefits for families, as well as hiking the corporate tax rate to help offset spending from bigger tax credits.