Democratic presidential candidates Kamala Harris and Republican Donald Trump continue their race for the White House in the elections expected the day after tomorrow, Tuesday.
Below, we will quickly highlight the most prominent differences in the economic aspect of Trump’s programs and his competitor Harris during their 2024 US Presidential election campaign.
Trump’s Program:
In general, Trump’s program reflects a vision of stimulating the economy by cutting taxes and encouraging national industries, and focuses on traditional Republican policies, as it seeks to:
Cut taxes to include high-income earners and large corporations.
- Stick to “America First” policies that boost domestic industries, including eliminating Social Security income taxes and exempting overtime taxes, which could add trillions of dollars to the deficit over the next decade.
- Imposing tariffs on imports, aimed at boosting American industries and reducing dependence on global trade.
- These policies are expected to significantly increase the national debt, with estimates suggesting a cost of up to $4 trillion over the next decade.
- If Trump’s program is implemented, the dollar is expected to rise, inflation is expected to increase, and the Federal Reserve will be less inclined to cut interest rates quickly.
Harris Program:
Harris’s program focuses on addressing economic and social gaps by increasing public spending and providing social protection. It is in line with a more progressive approach, where:
- Focuses on increasing social spending.
- Focuses on infrastructure investment.
- Healthcare spending will increase.
- Plans to raise taxes on corporations and high-income individuals, which could generate about $4.3 trillion in revenue.
- Expanding the child tax credit and increasing support for education, aiming to reduce social gaps and boost support for the middle class.
