Donald Trump & Kamala Harris: Economic Proposals Compared Denver CO. Edition.
Today we will compare Donald Trump and Kamala Harris and their economic plans. I want to clarify from the start that this is not political, and I won’t give my opinion. I’ll simply explain what they’re proposing without saying whether it’s a good or bad idea, realistic or unrealistic. If you want opinions, feel free to check the comments below.
I’m making this because it was highly requested in the comments, and I hope this summary helps you understand what each candidate is proposing. Let’s get started.
We’re going to focus on their economic policies, specifically income taxes, lowering inflation, affordable housing, Social Security, prescription drug pricing, international trade deals, and immigration. Regarding immigration, we’ll see how that ties into money and finances.
Let’s start with something that both Harris and Trump agree on: no federal income taxes on tips. Both are advocating for this, though we don’t know how hard they’ll push for it. Trump floated this idea first in June in Las Vegas, and then Kamala Harris also supported the same idea, leading Trump to accuse her of copying him. But that’s what’s happening—those are the facts.
Approximately 4 million Americans work in tipped occupations where most of their income comes from tips. However, it’s important to note that the president cannot enact this policy via an executive order—it would require congressional approval.
Now, moving on to inflation. Both Trump and Harris have expressed a desire to tackle rising prices. Harris says she will place a federal ban on price gouging and pass this law within her first 100 days, giving the Federal Trade Commission authority to pursue companies involved in price gouging. Trump, on the other hand, promises to sign an executive order on his first day in office to fight inflation by cutting regulations and boosting oil and gas production.
Next, let’s talk about affordable housing. Harris has proposed five key points: giving $25,000 to first-time home buyers, providing a $10,000 tax credit to first-time home buyers, increasing home building through tax incentives, expanding tax incentives for affordable rental housing, and repurposing federal land for affordable housing construction. Trump’s housing plan is more straightforward, focusing on cutting regulations, reducing mortgage interest rates, and opening federal land for housing construction.
On income taxes, Trump made significant changes with the 2017 Tax Cuts and Jobs Act, which lowered individual and corporate taxes. Many of these tax cuts are set to expire by the end of 2025, but Trump has pledged to renew them and introduce further tax cuts for people of all incomes. He also proposes making Social Security income tax-free.
Harris, on the other hand, promises not to raise taxes on individuals earning less than $400,000 per year. She aims to expand child tax credits, offer a $6,000 credit for newborns, and expand the Earned Income Tax Credit for low-income families.
On international trade, Trump has proposed a tariff of at least 10% on all imports, with the possibility of higher tariffs on Chinese goods. He believes this will bring jobs back to the U.S. and raise revenue. Harris has not offered a specific stance on this issue, but she has proposed lowering drug prices and expanding Medicare.
Lastly, on immigration, Trump argues that stricter immigration policies will strengthen the economy by preventing illegal aliens from lowering wages or taking jobs from American citizens. Harris has also adopted a stricter stance on immigration, including expanding the border wall, though she opposes mass deportations and family separation policies.
That’s a summary of Kamala Harris and Donald Trump’s economic policies. Please let me know your thoughts in the comments.
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