Presidential nominees Donald Trump and Kamala Harris are one-upping each other with economic policies benefiting businesses and families. Trump recently announced plans to create a government efficiency commission that billionaire Elon Musk would lead.
Trump detailed that the commission would audit federal government finances and recommend reforms. His other points include:
- Reducing the corporate tax rate to 15% from the current 21% for companies manufacturing in the US.
- Imposing tariffs on firms that outsource jobs to boost domestic sectors and government revenue.
- Establishing a sovereign wealth fund to invest in infrastructure, healthcare, and more.
- Rescinding unspent Biden-era funds, particularly those related to clean energy.
- Make gasoline cheaper by drilling for more oil.
- Proposing a ban on mortgages for undocumented immigrants, whom Trump blames for housing affordability issues.
Meanwhile, Vice President Kamala Harris announced she’d raise the capital gains tax from 20% to 28% for Americans who make $1+ million, marking her first policy break from President Joe Biden. She also proposed:
- Raising the corporate tax rate to 28%.
- Expanding the small-business startup tax deduction.
- Her other measures include making housing, groceries, child-rearing, and health care more affordable for middle-class and working Americans.
Critics argue Trump’s policies would primarily benefit the wealthy and could harm the economy, while Harris’s populist approach aims for economic growth and innovation without taxing middle-class families excessively.