Harris vs. Trump
With the US presidential election just two months away, both candidates, Kamala Harris and Donald Trump, are pulling out all the stops to win over voters. Their economic plans, particularly their tax policies, have become a key battleground in this election.
Harris' Focus on Small Businesses and Middle Class
Harris has made it clear that her focus is on small businesses and the middle class. She has promised a tax credit for small business start-ups and a middle-class tax cut. She argues that Trump's tax cuts have benefited the wealthy and corporations at the expense of the middle class, and she plans to reverse this trend.
Trump's Focus on the Rich and Industry
Trump, on the other hand, has focused his tax agenda on the rich and the industry. He has already slashed corporate taxes and promises to cut them further if re-elected. He also plans to impose a 10% baseline import duty and a 60% tariff on Chinese imports.
The Tax Shock Looming in 2026
Both candidates' tax plans come at a time when Americans are facing a potential "tax shock" in 2026. The Tax Cuts & Jobs Act of 2017, passed by the Trump administration, included several tax cuts that are set to expire in 2026. This could lead to a significant increase in taxes for many Americans.
Efforts to Attract the Young
Both Trump and Harris are also trying to attract young voters by promising tax breaks for the gig economy. They have both announced plans to eliminate taxes on tips received on various services.
The tax policies of the two candidates offer voters a clear choice. Harris is focused on helping small businesses and the middle class, while Trump is focused on helping the rich and the industry. The outcome of the election will have a significant impact on the US economy for years to come.