What Harris, Trump propose on taxes, trade and economic policies

CBS News

12 Aug 202402:25

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

00:00

💼 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

The economy refers to the system of production, consumption, and trade of goods and services in a country or region. In the context of the video, the economy is a major concern for voters when choosing a president. The script discusses how different candidates propose to influence the economy through various economic policies, highlighting its central role in political campaigns and decision-making.

💡Tariffs

Tariffs are taxes imposed on imported goods and services. They are used to protect domestic industries and generate revenue for the government. The script mentions former President Donald Trump's proposal to impose a 10% tariff on all imported goods and a 60% tariff on goods from China, aiming to make the federal government less reliant on taxes and more on tariff revenue. This policy could benefit domestic companies but may also lead to inflation.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. In the script, economists warn that Trump's proposed tariffs could cause a flare-up in inflation, which would erode the value of money and potentially harm consumers.

💡Tax Cuts

Tax cuts refer to a reduction in the amount of taxes levied on individuals or businesses. The script discusses Trump's 2017 tax cuts, which lowered the corporate tax rate to 21% and slightly reduced individual tax rates. Critics argue that these cuts disproportionately benefit affluent households.

💡Trade Agreements

Trade agreements are legally binding contracts between two or more countries that outline the terms of trade. The script references Senator Harris's opposition to the US Mexico Canada trade agreement and the Trans-Pacific Partnership due to concerns over their environmental impact and lack of worker protections, indicating her stance on international trade and its economic implications.

💡Child Tax Credit

The child tax credit is a refundable tax credit for low- and middle-income families to offset the costs of raising children. The script mentions Harris's proposal to provide middle-class and working-class couples with up to $6,000 a year through a refundable tax credit, which could be redeemed monthly to help with living expenses.

💡Price Gouging

Price gouging is the act of raising prices unreasonably high in response to a perceived shortage or increased demand, typically during emergencies or crises. Harris promises to take on price gouging and bring down costs on her first day in office, indicating her commitment to addressing the rising cost of essentials like food and housing.

💡Economic Plan

An economic plan outlines a government's strategy for managing the economy, including fiscal and monetary policies. The script notes that Harris has not yet released a formal economic plan but is expected to align with Biden's vision, which includes family-oriented programs and affordable childcare.

💡Affordable Care

Affordable care refers to making essential services like healthcare, childcare, and elder care accessible and financially manageable for the average household. The script highlights Harris's intention to make family-oriented programs like childcare and elder care more affordable, reflecting a broader theme of economic policy focused on social welfare.

💡Financial Institutions

Financial institutions are organizations that manage financial transactions, such as banks, credit unions, and investment firms. The script mentions Harris's proposal to enact a fee on large financial institutions as a means to fund her economic policies, such as the child tax credit, indicating a strategy to redistribute wealth and support social programs.

💡Middle Class

The middle class refers to the social group that falls between the working class and the upper class in terms of income, wealth, and social status. The script discusses policies aimed at supporting the middle class, such as refundable tax credits, which are designed to provide financial relief and promote economic stability for this demographic.

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.