Harris vs. Trump: Competing Visions for America’s Economy
As the 2024 presidential race heats up, Vice President Kamala Harris and former President Donald Trump are gearing up to present their visions for America’s economy. With high prices and inflation concerns on everyone’s mind, both candidates are focusing on how they can help American families and businesses thrive.
Kamala Harris’ Economic Plan
Vice President Kamala Harris has a plan she calls an “opportunity economy.” She wants to create more chances for people to succeed by making things easier for small businesses and fighting against high prices. One of her key proposals is to expand a tax deduction for new businesses from $5,000 to $50,000. This could help many young entrepreneurs who struggle with startup costs. She also wants to ban price gouging to stop businesses from unfairly raising food and grocery prices. Harris is also focusing on housing. She proposes a three-part plan to address the country’s housing shortage, including financial help for first-time homebuyers. Her plan is designed to appeal to middle-class and working Americans, showing them that she understands their struggles and is committed to helping them succeed.
Donald Trump’s Economic Promises
On the other side, former President Donald Trump is doubling down on his previous economic strategies. He promises to extend the tax cuts from his 2017 Tax Cuts and Jobs Act, aiming to put more money back in people’s pockets. Trump also wants to cut the corporate tax rate to 15%, hoping to boost economic growth and create more jobs. Trump’s plan also includes adding a tariff on all imports, especially from China. This means extra taxes on goods coming into the country, which he believes will protect American jobs. However, some experts say these tariffs could make everyday items more expensive for families.
The next big moments in this race will be the upcoming presidential debate and key economic reports, including the monthly jobs report and the Federal Reserve’s policy decision. These events could shape how voters see the candidates and their plans for the future.
As both Harris and Trump hit the campaign trail, they are trying to convince voters that their economic plans are the best way to handle the challenges ahead. It’s a crucial time for both candidates, as they prepare to make their final pitch to the American people before the election. Keep an eye out for what they say next, as their decisions will shape the future of the country.
Subha KS- Staff Reporter
