In the swing state of North Carolina, Vice President Kamala Harris introduced her economic plan aimed at winning over voters who may doubt her economic abilities compared to former President Trump.
“Our goal is to reduce costs, increase financial security and stability for families, and create more opportunities for working and middle-class Americans,” she declared during her speech.
To achieve this, Harris plans to implement tax credits and crack down on price gouging to lower the cost of living. Some of her proposals include a federal ban on price gouging for food items, providing $25,000 in down payment assistance to first-time homebuyers, offering tax incentives for builders to increase starter homes in the housing market, expanding the child tax credit, and enhancing the earned income tax credit for lower-income individuals without children.
Despite requiring congressional support, Harris remains determined to push forward with her plan. A Trump economic adviser criticized her proposals as a significant expansion of government control.
According to an AP-Norc Center for Public Affairs Research poll, more Americans trust Trump over Harris on economic matters, with 45% favoring Trump and 38% favoring Harris.
Trump, on the other hand, is promising large tax cuts, including exempting service workers from tipping taxes, eliminating social security taxes for seniors, and extending his 2017 tax cuts upon expiration next year.
However, the question of who will bear the financial burden of these promises remains. Tom O’Saben from the National Association of Tax Professionals raised concerns about the potential deficit increase due to these proposed tax cuts.
Whether through tax credits proposed by either candidate, it is clear that Americans will ultimately shoulder the costs of political promises once they transition from campaign rhetoric to actual policy implementation.
“Most tax professionals would agree that current tax rates are likely as low as they will go. Further tax cuts could balloon the deficit,” O’Saben added.
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