Harris vs. Trump
With the US presidential election just two months away, the race is heating up, and so are the promises on both sides. Both candidates, Democrat Kamala Harris and Republican Donald Trump, are pulling out all the stops to win over voters, with tax policy taking center stage.
Harris, the Democratic nominee, has focused her attention on small businesses and the middle class. She has pledged to announce a tax credit for small business startups and has promised a middle-class tax cut if elected. She accuses Trump of favoring the wealthy and corporations, claiming he will enact a national sales tax that would burden middle-class families.
Trump, on the other hand, has doubled down on his tax agenda for the rich and the industry. He promises to further slash corporate taxes and has pledged a big tariff hike on imported goods to protect domestic producers. He also plans to remove taxes on tips and Social Security benefits.
The election presents a stark choice for voters. Harris offers a vision of tax cuts for the middle class and small businesses, while Trump proposes further tax breaks for the wealthy and corporations. The outcome of the election will have a significant impact on the US economy and the lives of millions of Americans.
The looming tax shock in 2026 adds another layer of complexity to the debate. The Tax Cuts & Jobs Act of 2017, passed by the Trump administration, is set to expire, potentially leading to higher taxes for individuals and businesses. This issue will likely play a key role in the election campaign, with both candidates offering their own solutions to address the potential tax burden.
The battle for the White House is also a battle over the future of the US tax system. The candidates' proposals offer vastly different visions for how the tax burden should be distributed and how the government should use tax policy to achieve its goals. Voters will have to decide which vision they believe will best serve the country's interests.