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Tuesday’s U.S. election will hit the American economy on multiple levels. From how taxes are set to how the country trades, both candidates—Kamala Harris and Donald Trump—are pitching radically different economic agendas. Who wins the White House, and which party takes control of Congress, will shape everything from tax policies to the country’s stance on global trade, immigration, and energy. Each move will hit consumers, affecting prices, borrowing costs, and even the availability of jobs in key industries. With both candidates ready to use executive power to push forward on trade and immigration, the outcome is about more than just who sits in the Oval Office. Congress will weigh heavily on tax policy and could either help or hinder the next president’s agenda. Here’s what each candidate is proposing and what it means for the economy. Taxes: Trump’s cuts vs. Harris’s targeted hikes Trump has placed tax cuts front and center. He’s promising to extend his first-term tax cuts, which expire next year, and he’s eyeing even bigger reductions, especially for corporations. Trump is also pushing for tax cuts on tips, overtime pay, and Social Security benefits. To offset some of the revenue loss, Trump plans to slap new tariffs on imported goods. “Our focus is on keeping money in the hands of Americans,” Trump told supporters at a rally in Las Vegas. Harris, in contrast, has a narrower approach. She wants to keep the 2017 tax cuts but only for those earning under $400,000. For wealthier Americans, Harris plans to raise taxes, specifically increasing the corporate tax rate and imposing a billionaire minimum tax. Additionally, she’s pushing for child tax credits and relief for small businesses. Harris’s proposals aim to shift tax benefits away from corporations and toward middle-income families, her team stated, positioning her tax policy as a…

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Filed under: News - @ November 3, 2024 6:01 pm