During the debate between Vice President Kamala Harris and former President Donald Trump. The main focus is on the economy, which remains a major concern for many Americans who are facing high living costs after a period of sharp inflation, CNN reports UNN.
Details
Kamala Harris' main economic promises:
- The introduction of the first federal ban in the United States on overpricing of food and essential commodities to curb food price increases.
- Increase the tax deduction for new small businesses to $50,000, instead of the current $5,000.
- Increase investment in community development financial institutions (CDFIs) that serve low-income individuals and communities that are not supported by traditional lenders.
- Continuation of the Biden administration's initiatives to eliminate “hidden” fees and fully disclose all payments, such as for events, lodging, and car rentals.
- A three-stage plan to address the country's housing shortage, which is partly based on proposals already presented by Biden.
- Reinstating the popular expansion of the American Rescue Plan's child tax credit to $3,600 (from $2,000) and calling for it to be made permanent. This extension was only effective in 2021.
- The abolition of federal taxes on tips, which has already caused outrage from Trump, who believes that Harris is copying his promises.
Donald Trump's main economic promises:
- Extension of tax cuts from the Tax Cuts and Jobs Act of 2017, including personal income tax cuts.
- Reduction of the corporate tax to 15% from 21%, but only for companies that manufacture products in the United States.
- Creation of a commission to improve government efficiency to reduce public spending. Tesla CEO Elon Musk agreed to head this commission.
- Canceling Biden's tax hikes, “immediately overcoming” inflation, and ending Biden's “war” against American energy production.
- During the campaign in Las Vegas, Trump also promised to abolish taxes on tips, which should attract the attention of hundreds of thousands of workers in the city.
- Ending the taxation of social security payments. However, he has not yet presented a plan to replace the lost revenues, which could have a negative impact on the social security program and the federal budget.
- To address the issue of housing affordability, Trump has proposed a ban on mortgages for illegal immigrants, claiming that they drive up housing costs. CNN reports that illegal immigrants make up a very small share of the mortgage market.