3 months ago
2
Vice President Kamala Harris and former President Donald Trump are presenting contrasting economic plans as Election Day 2024 approaches, with both candidates promising to lower prices and create more jobs."We will save our economy," former President Donald Trump said."We will build a brighter future," Vice President Kamala Harris said.Trump's plan focuses on slashing taxes across the board, including for corporations, household income, overtime pay, and tips."We're not going to forget the older people. By the way, no tax on Social Security benefits for the older people," Trump said.Harris, on the other hand, is offering tax credits aimed at helping pay for home health care for seniors, down payments to buy a home, and child tax credit expansions."That helps a young family buy a car seat, buy a crib, do the things in that so fundamental stage of their child's development," Harris said.Harris plans to fund her proposals by raising taxes on corporations and high-end earners, including a so-called "billionaire tax.""Billionaires and big corporations must pay their fair share in taxes," Harris said.Trump proposes higher tariffs on goods made outside the U.S., which he argues will incentivize domestic manufacturing and fund his tax cuts."To me, the most beautiful word in the dictionary is 'tariff,'" Trump said.However, experts are skeptical about the effectiveness of these plans."That's a very bad idea because that then makes your domestic products, for sure, more expensive," said Harry Holzer of Georgetown University, referring to Trump's tariff proposal.Economists also express concerns about Harris' tax credits potentially causing inflation."If you don't simultaneously stimulate housing supply, the net effect of that policy may simply be to drive up housing prices," said Joseph Cordes of George Washington University.A survey of 50 economists found that 68% believe prices would rise faster under Trump's plan than under Harris' plan. The Committee for a Responsible Federal Budget estimates that neither plan will pay for itself, with Trump's plan potentially widening budget deficits by $7.5 trillion over the next decade and Harris' plan increasing deficits by $3.5 trillion.
WASHINGTON —
Vice President Kamala Harris and former President Donald Trump are presenting contrasting economic plans as Election Day 2024 approaches, with both candidates promising to lower prices and create more jobs.
"We will save our economy," former President Donald Trump said.
"We will build a brighter future," Vice President Kamala Harris said.
Trump's plan focuses on slashing taxes across the board, including for corporations, household income, overtime pay, and tips.
"We're not going to forget the older people. By the way, no tax on Social Security benefits for the older people," Trump said.
Harris, on the other hand, is offering tax credits aimed at helping pay for home health care for seniors, down payments to buy a home, and child tax credit expansions.
"That helps a young family buy a car seat, buy a crib, do the things in that so fundamental stage of their child's development," Harris said.
Harris plans to fund her proposals by raising taxes on corporations and high-end earners, including a so-called "billionaire tax."
"Billionaires and big corporations must pay their fair share in taxes," Harris said.
Trump proposes higher tariffs on goods made outside the U.S., which he argues will incentivize domestic manufacturing and fund his tax cuts.
"To me, the most beautiful word in the dictionary is 'tariff,'" Trump said.
However, experts are skeptical about the effectiveness of these plans.
"That's a very bad idea because that then makes your domestic products, for sure, more expensive," said Harry Holzer of Georgetown University, referring to Trump's tariff proposal.
Economists also express concerns about Harris' tax credits potentially causing inflation.
"If you don't simultaneously stimulate housing supply, the net effect of that policy may simply be to drive up housing prices," said Joseph Cordes of George Washington University.
A survey of 50 economists found that 68% believe prices would rise faster under Trump's plan than under Harris' plan. The Committee for a Responsible Federal Budget estimates that neither plan will pay for itself, with Trump's plan potentially widening budget deficits by $7.5 trillion over the next decade and Harris' plan increasing deficits by $3.5 trillion.
English (US)