A Battle of Tax Policies
With the 2024 US Presidential Election just two months away, both candidates, Democrat Kamala Harris and Republican Donald Trump, are focusing heavily on economic issues, particularly tax policy.
Harris' Focus on Small Businesses and the Middle Class
Harris has made it clear that her focus is on supporting small businesses and the middle class. She has promised a tax credit for small business start-ups and a middle-class tax cut. She has also criticized Trump's tax policies, accusing him of favoring the wealthy and adding to the national debt.
Trump's Focus on the Rich and Industry
Trump, on the other hand, has focused his tax agenda on the rich and industry. He has promised to further reduce corporate taxes and has also proposed a 10% baseline import duty, with the possibility of a 60% tariff on Chinese imports.
The Looming Tax Shock
Both candidates' tax promises 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 that year. Policymakers are divided on whether to extend these cuts, which could add significantly to the national deficit.
Appealing to the Gig Economy
In an interesting twist, both candidates have also promised tax breaks for the gig economy. This is an attempt to attract the growing number of young people who are working in this sector.
The 2024 US Presidential Election is shaping up to be a battle of tax policies. Voters will have to decide which candidate's approach they believe will best serve the country's economic interests.