As the 2024 election approaches, Vice President Kamala Harris and former President Donald Trump are proposing starkly different economic plans.
Trump is focused on extending tax cuts for businesses and the wealthy, predicting these would boost investment and growth, while Harris aims to raise taxes on corporations and the ultra-wealthy to fund homeownership and support for parents.
Trump seeks to lower corporate tax rates and eliminate taxes on Social Security income, though critics warn these policies could increase the national deficit. Harris, meanwhile, proposes to fund her plans through tax hikes, particularly on the wealthiest Americans, and aims to deliver more direct benefits to the middle class and lower-income families.
Both candidates’ policies are set to have significant impacts on tax burdens and the economy in the coming years.
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