As the U.S. prepares to elect a new President, both candidates are ramping up their tax proposals to win over voters. Democratic nominee Kamala Harris is emphasizing her plans to support the middle class and small businesses through tax cuts and credits. She criticizes her opponent, Donald Trump, accusing him of favoring the wealthy and proposing tax breaks that would burden middle-class families.
In contrast, President Trump is touting his tax agenda that focuses on cutting corporate tax rates and imposing tariffs on imports. He highlights his previous tax cuts for individuals and the industry, promising further reductions if elected for a second term. Trump's emphasis on the Make America Great Again (MAGA) ideology includes plans for significant tariff hikes on imported goods to reduce the import bill and boost domestic production.
The upcoming election is set against the backdrop of economic challenges and expiring tax cuts from the Tax Cuts & Jobs Act of 2017. The debate over extending these tax breaks is causing concerns about the U.S. deficit, with policymakers divided on the potential impact. Both candidates are also targeting the younger demographic by promising tax breaks for the gig economy, such as removing taxes on tips and Social Security benefits to provide relief to working-class citizens and seniors on fixed incomes.