So much of the 2024 race for the White House has been defined by unprecedented events — who is in, who is out, and the personalities of the candidates. There’s been less discussion recently about policy positions, but that is expected to change this week, as former President Donald Trump and Vice President Kamala Harris are expected to outline economic positions on the campaign trail.
Trump will speak in North Carolina on Wednesday. Harris is expected to reveal economic policies on Friday.
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Both speeches will come after the latest round of inflation data comes out Wednesday morning.
A recent poll by the Financial Times and the University of Michigan reveals that Vice President Harris has a slight lead over former President Trump in terms of who Americans trust most to manage the economy. Trump has been in the lead most of this year on this question and Harris’ lead is still within the margin of error.
Both campaigns have very different philosophies over what to do with the economy, including the Federal Reserve. Vice President Harris has indicated a desire for a more hands-off approach, letting the Fed be as independent as possible.
Former President Trump has indicated a desire to be more involved with the Fed’s interest rate decisions. Both candidates in recent days and weeks have backed ideas to cut or eliminate taxes on tips, which would impact service workers nationwide.
Economic policy is expected to be one of the biggest debate issues in Washington in 2025, when the Trump tax cuts are set to expire. Expect intense debates over tax rates and tax credits, not just this election season but throughout next year as well.
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