Tonight’s highly anticipated presidential debate (airing at 9 p.m. ET on ABC) shall be the first time Vice President Kamala Harris and former President Donald Trump come face-to-face to argue policy. Although the content and tone of those events at all times have an element of unpredictability, everyone can count on many pointed questions and conversations about the state of the American economy.
Ben Werschkul, national affairs correspondent Peasant! Finances writes that Trump will probably use his favorite nickname “comrade Kamala” and accuse the vice chairman of being anti-business. Harris, Werschkul argues, will definitely blow up Trump’s tariff plan and prove that it should cause prices to skyrocket.
Here is a breakdown of the key economics topics and each candidate’s position:
Small business
- Harris: Increase the startup tax credit from $5,000 to $50,000
- Advantage: He guarantees to chop regulations
Expiring tax cuts for 2017
- Harris: Allow all tax cuts to run out in 2025 except for households earning lower than $400,000
- Advantage: It will extend all 2017 tax cuts
Corporate tax rate
- Harris: Will be increase from 21% to twenty-eight%
- Advantage: It will drop from 21% to fifteen%
Other tax issues
- Harris: Will eliminate federal income tax on suggestions; increase the top capital gains rate from 20% to twenty-eight%; impose a latest tax on unrealized capital gains for those value $100 million or more
- Advantage: It would eliminate the federal income tax on suggestions and Social Security income
Commercial Regulations
- Harris: It will proceed to limit high-tech exports to China and maintain 100% tariffs on Chinese electric vehicles
- Advantage: Apply a duty of 10% to twenty% on most imports and a duty of 60% on imports from China
Housing Market
- Harris: Introduce a $25,000 grant for first-time home buyers and create incentives to build 3 million latest homes
- Advantage: Vows to place pressure on the Federal Reserve to lower rates of interest and open up federal lands for development
Federal minimum wage
- Harris: It will raise it from $7.25 an hour to $15
- Advantage: It is not going to make any changes