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

Summary

CBS 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.