US elections: Economic policies of Donald Trump and Kamala Harris - A comparison

With the 2024 United States presidential election just around the corner, neither Vice President Kamala Harris nor former president Donald Trump have a strong lead in the polls.

When it comes to elections, past or future, the economy is usually the top concern for voters. Understanding a presidential candidate's economic policies is an important part of making an informed choice regarding who to vote for.

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A new poll bythe Associated Press and NORC shows that Harris is gaining ground on key economic issues that affect the middle class. The poll shows a shift from last month, where Trump had a bigger lead on handling the economy.

Now, 46 per centof voters prefer Harris'middle-class tax policies, compared to 35 per centfor Trump. Harrisalso has a slight edge on housing costs, according to the polls.

Voters are split on who has better plans for grocery prices, gas, job creation, and unemployment. Most voters (62 per cent) think the economy is in bad shape, while 38 per centsay it's not.

Trump's critique vsHarris' 'opportunity economy'

Trump's campaign is focused on rising inflation and the higher cost of living under President Joe Biden. Since Harris took over as the Democratic nominee in July, she has responded by promoting what she calls an "opportunity economy."

As a part of her plan, Harris haspromised to help first-time homebuyers with $25,000 for a down payment on a new home.

Here's a broad comparison of Trump's and Harris' economic policies:

Where do they stand on taxes?

One of the biggest differences between Harris and Trump is their tax policy.

Harris plans to raise the corporate tax rate from 21 per centto 28 per cent,whereasTrump wants to lower it to 15-20 per cent.

On personal taxes, Harris wants to raise the rate for those making over $400,000 by letting the 2017 tax cuts expire. Trump, however, wants to make those tax cuts permanent.

What about trade policies?

Harris has criticised Trump’s broad tariffs on imports, saying it amounts to a tax on working families, costing each household about $4,000 a year. She prefers a more targeted approach, keeping some tariffs on Chinese imports, like electric vehicles.

Trump, on the other hand, has promised a10-20 per centtax on most foreign goods, with even higher tariffs on Chinese imports. He also wants to encourage companies to stay in the US by offering lower corporate taxes.

How do they differ on regulations?

Harris supports raising the federal minimum wage to $15 an hour, offering student debt relief, and expanding enforcement of antitrust laws. On the other hand, Trump wants to cut regulations across the board, speed up mergers and acquisitions, and reclassify more civil servants as political appointees.

What are their plans to fight inflation?

Harris says her first goal would be to lower food and housing costs for working families. She’s promised to ban price gouging on groceries, help first-time homebuyers, and increase housing supply through incentives.

Inflation surged during Biden’s presidency, partly due to Covid-related supply chain issues and the war in Ukraine. However, recently, inflation has started to come down.

Trump plans to "end inflation" by increasing oil drilling, which he believes will lower energy prices. He’s also promised to lower interest rates, although that’s something the president can’t control. The former US presidentalso claims deporting undocumented immigrants would ease housing demand.