The Daily Item
October 24, 2024
The Standard-Journal
October 21, 2024
Donald Trump’s economic agenda centers on more massive tax cuts for the wealthiest Americans – billionaires like himself and Elon Musk. Trump claims that with more money in their pocket, the extremely rich will create new jobs, with benefits eventually “trickling down” to people like you and me (even though this has never happened since Reagan initiated it in 1981).
As President, Trump passed massive tax cuts that heavily favored the ultra-rich and big corporations. While middle-class Americans received a few hundred dollars, it was overwhelmed by the $1.9 trillion in new national debt – meaning tax increases /budget cuts in the future.
The 2017 Trump tax cuts for individuals are set to expire in 2025. If Trump is reelected, there’s a very strong chance that the rich will receive more tax cuts.
Trump’s economic plan also involves tariffs on imports. Economists agree they will act like a tax on U.S. consumers. The tariffs are expected to raise costs on average families by $1,700 to $3,900 annually.
Kamala Harris has a different approach. She favors raising taxes on the very wealthiest individuals so they pay their fair share and help fund needed government services. She supports tax relief for middle- and lower-income families. Harris also proposes a $6,000 tax credit for families with newborns, as well as an expansion of the Earned Income Tax Credit.
If you want a fairer tax system, vote for Kamala Harris.
D. Toni Byrd
Lewisburg
The 2017 Trump Tax Law Was Skewed to the Rich – Center on Budget and Policy Priorities
Donald Trump Tax Plan 2024: Details & Analysis – Tax Foundation