What Harris, Trump propose on taxes, trade and economic policies
Summary
TLDRCBS News polling reveals that 81% of voters consider the economy crucial in presidential selection. Former President Trump proposes reducing federal reliance on taxes through a 10% tariff on all imports, with a 60% tariff on Chinese goods, potentially benefiting domestic businesses but risking inflation. He also suggests tax cuts and eliminating taxes on tips. Kamala Harris, differing from Biden on trade, voted against agreements due to climate and worker concerns. She promotes affordable family programs and a refundable tax credit for middle and working-class couples, funded by repealing 2017 tax cuts for high earners and a fee on large financial institutions. Harris vows to tackle the rising cost of essentials.
Takeaways
- 📊 81% of voters consider the economy a major factor in their presidential choice.
- 💼 Former President Donald Trump proposes making the federal government's revenue less reliant on taxes and more on tariffs.
- 🛂 Trump suggests a 10% tariff on all imported goods and a 60% tariff on goods from China, which could benefit domestic companies.
- 📈 Economists warn that Trump's tariff proposals could lead to increased inflation.
- 💹 Trump aims to balance tariffs with tax cuts, including eliminating taxes on tips and extending the 2017 tax cuts.
- 🏛️ Kamala Harris, differing from Biden on trade, voted against the USMCA and TPP due to climate and worker protection concerns.
- 👨👩👧 Harris has not released a formal economic plan but is expected to align with Biden's vision.
- 👶 Harris supports making family-oriented programs like child and elder care more affordable and has proposed a refundable tax credit.
- 💼 Harris aims to fund her proposals by repealing the 2017 tax cuts for those earning over $100,000 and enacting a fee on large financial institutions.
- 🛒 Harris promises to tackle the increased cost of essentials like food and housing, pledging to take on price gouging on her first day in office.
Q & A
What is the primary factor influencing voters' choice for president according to the CBS News polling?
-The economy is the primary factor influencing voters' choice for president, as cited by 81% of the voters.
What is Donald Trump's proposed economic policy regarding federal revenue and tariffs?
-Donald Trump proposes to make the federal government's revenue less reliant on taxes and more on tariffs, with a 10% tariff on all imported goods and a 60% tariff on goods imported from China.
How might Trump's tariff policy benefit certain companies according to Goldman Sachs analysts?
-Trump's tariff policy might benefit companies that mostly do business domestically, as suggested by Goldman Sachs analysts.
What warning do some economists have about Trump's proposed tariff policy?
-Some economists warn that Trump's proposed tariff policy could cause a flareup in inflation.
How does Trump plan to balance the potential inflation caused by his tariff policy?
-Trump plans to balance the potential inflation caused by his tariff policy through tax cuts, though he hasn't provided a specific figure for the average household.
What was the impact of the 2017 tax cuts on corporate and individual tax rates?
-The 2017 tax cuts lowered the corporate tax rate to 21% and slightly cut many individuals' tax rates.
What are Kamala Harris's views on trade agreements, and how do they differ from Biden's?
-Kamala Harris's views on trade differ from Biden's as she voted against the US Mexico Canada trade agreement and the Transpacific Partnership due to concerns about climate impact and lack of worker protections.
What economic plan is expected from Kamala Harris, according to economists?
-Economists expect Kamala Harris to remain aligned with Biden's economic vision since joining the race, though she has not yet released a formal economic plan.
What family-oriented programs does Kamala Harris propose to make more affordable?
-Kamala Harris proposes to make family-oriented programs like child and elder care more affordable.
How does Harris plan to fund her proposed refundable tax credit for middle and working-class couples?
-Harris plans to fund her proposed refundable tax credit for middle and working-class couples by repealing the 2017 tax cuts for all businesses and individuals earning more than $100,000 a year and enacting a fee on large financial institutions.
What promise did Kamala Harris make regarding the increased cost of essentials during a campaign rally in Atlanta?
-During a campaign rally in Atlanta, Kamala Harris promised to take on price gouging and bring down the costs of essentials on her first day in office.
Outlines
💼 Economic Policies of Presidential Candidates
CBS News polling reveals that 81% of voters consider the economy a significant factor in their presidential choice. The script compares economic policy proposals of former President Donald Trump and Senator Kamala Harris. Trump advocates for reduced federal reliance on taxes, proposing a 10% tariff on all imported goods and a 60% tariff on Chinese imports, which could benefit domestic businesses but may spark inflation. He also suggests tax cuts without specifying details, and the continuation of his 2017 tax cuts that lowered corporate rates and slightly reduced individual tax rates, criticized for favoring the affluent. Harris, contrasting with Biden on trade, voted against agreements due to climate and worker protection concerns. She has yet to release a detailed economic plan but is expected to align with Biden. Harris has previously advocated for making family programs more affordable, promoting a refundable tax credit for middle and working-class couples, and has pledged to combat price gouging and reduce the cost of essentials.
Mindmap
Keywords
💡Economy
💡Tariffs
💡Inflation
💡Tax Cuts
💡Trade Agreements
💡Child Tax Credit
💡Price Gouging
💡Economic Plan
💡Affordable Care
💡Financial Institutions
💡Middle Class
Highlights
81% of voters consider the economy a major factor in their presidential choice.
Donald Trump proposes making the federal government's revenue less reliant on taxes and more on tariffs.
A 10% tariff is suggested on all imported goods, with a 60% tariff on goods from China.
Goldman Sachs analysts believe this could benefit domestic companies.
Economists warn of potential inflation due to the proposed tariffs.
Trump's plan includes tax cuts, but no specific figures for the average household have been provided.
Elimination of taxes on tips and extension of the 2017 tax cuts are part of Trump's economic policy proposals.
Kamala Harris's economic views differ from Biden's on trade agreements, having voted against the USMCA and TPP.
Harris has not yet released a formal economic plan but is expected to align with Biden's vision.
Harris aims to make family-oriented programs like child and elder care more affordable.
In the 2020 primary, Harris promoted a refundable tax credit for middle and working-class couples.
The proposed tax credit could be redeemed in $500 increments per month to help with living expenses.
Harris plans to fund these programs by repealing the 2017 tax cuts for those earning over $100,000 and enacting a fee on large financial institutions.
Harris has promised to tackle price gouging and reduce the cost of essentials like food and housing.
At a campaign rally in Atlanta, Harris pledged to take on price gouging and bring down costs on her first day as president.
Transcripts
recent CBS News polling shows 81% of
Voters cited the economy as a major
factor in who they select as president
with that in mind we wanted to compare
some of the candidates Economic Policy
proposals former president Donald Trump
has said he wants to make the federal
government's Revenue less reliant on
taxes and more on tariffs he would
impose a 10% tariff across the board on
all imported goods and for anything
imported from China the Tariff would be
60% this would likely benefit companies
that mostly do business here at home
according to Goldman Sachs analysts but
Eon economists warned that it could
cause a flareup in inflation this he
says would be balanced by tax cuts Trump
hasn't given a specific figure for the
average household he has suggested
eliminating taxes on tips and also wants
to extend his 2017 tax cuts the law
lowered the corporate tax rate to 21%
and cut many individuals tax rates
slightly which critics say was skewed to
benefit affluent households trade is one
of the few economic areas in which
Harris's views differ from Biden's as a
senator she voted against the US Mexico
Canada trade agreement and the
transpacific partnership over her
concerns about their impact on the
climate and lack of worker protections
Harris has not released a former
economic plan just yet but economists
expect her to remain aligned with
Biden's Vision since joining the race
Harris Harris's H Harris has said she'd
make family oriented programs like child
and elder care more affordable in the
2020 primary she promoted the idea of a
refundable tax credit that provides
middle class and workingclass couples up
to $6,000 a year like Biden's child tax
credit it could be redeemed in $500 per
month increments to help with living
expenses instead of waiting to file
taxes at the time she said she would pay
for it by repealing the 2017 tax cuts
law for all businesses and individuals
who earn more than
$100,000 a year along with enacting a
fee on large Financial financial
institutions Harris will also face
questions from voters on how she'll
handle the increased cost of Essentials
like food and housing at a campaign
rally in Atlanta Harris promised that on
day one she would quote take on price
gouging and bring down costs on day one
of her presidency
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