Trump-Harris debate starts: candidates discuss economy
Kyiv • UNN
During the debate, Trump and Harris presented their economic plans. Harris promises to fight inflation and support small businesses, while Trump offers tax cuts and energy independence.
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.
Trump and Harris argue over debate rulesAug 27 2024, 05:47 AM • 12277 views
