Former President Donald Trump and Vice President Kamal Harris have each laid out their economic plans. According to Gallup, the economy is the No. 1 issue driving voters’ decision this November.
Here is the Top 10, according to Gallup:
- Economy
- Democracy in the U.S.
- Terrorism & national security
- Supreme Court nominees
- Immigration
- Education
- Health care
- Gun policy
- Abortion
- Taxes
Polling shows voters think Trump would do a better job handling the economy and immigration while Harris would better handle health care and abortion. The candidates are tied on gun policy with 49% of voters saying Trump would do a better job and 49% say Harris.
We’ll take a deeper look now at the candidate’s proposals that would impact your wallet. Both candidates have talked a lot about cutting taxes.
Trump would extend the Tax Cuts and Jobs Act which Republicans passed in 2017 but is set to expire in 2025. That bill lowered individual tax rates and increased the standard deduction. If that expires, economists believe it will hurt low earners the most.
Trump proposed eliminating taxes on social security and overtime. He also said he wants to eliminate the income tax and move to an all-tariff system; however, many economists don’t think that’s feasible in today’s society. You can read more about this in a report from our Business Correspondent Simone Del Rosario.
Both Harris and Trump said they support ending taxes on tips.
Harris wants to increase the newborn child tax credit to $6,000, make permanent the earned income tax credit increase for low-income households, and provide first-time home buyers with $25,000 in down payment support. But economists say that will lead to increased home prices.
Harris said she’d pay for her plan by increasing the income tax on income over $400,000 to 39.6% from the current 37% and increasing the corporate income tax from 21% to 28%.
An analysis of Harris’ plan by the Tax Foundation found it would increase 10-year government revenues by about $1.7 billion but decrease long-run GDP by 2%, decrease long-run wages by 1.2% and there’d be 786,000 fewer full-time equivalent jobs.
The Tax Foundation’s analysis of Trump’s plan showed it would add $3 billion to the national debt over ten years, increase long-run GDP by less than a percent, increase long-run wages by less than a percent and create 597,000 full-time equivalent jobs.
Straight Arrow News will have up-to-the-minute results throughout election night and the days after.
