As we approach the 2024 presidential election, the economic policies of potential candidates are coming under scrutiny. This post compares the economic agendas of Donald Trump and Kamala Harris, highlighting their contrasting approaches to taxation, trade, regulation, infrastructure, and healthcare.
Donald Trump’s Economic Agenda
1. Tax Policy: Donald Trump’s economic plan includes making the 2017 Tax Cuts and Jobs Act permanent, which slashed taxes for corporations and high-income individuals. Trump has also proposed eliminating taxes on tips for service workers, aiming to reduce the tax burden on middle and lower-income earners (Connecticut Public) (Fox Business).
2. Trade Policy: Trump is expected to continue his protectionist stance, advocating for high tariffs on imports to protect American industries. He has proposed a universal 10% tariff on all imported goods, with even higher tariffs on Chinese imports. This approach is designed to encourage domestic production and reduce the trade deficit (PolitiFact) (Fox Business).
3. Regulation: A key aspect of Trump’s agenda is deregulation, particularly in the energy sector. He aims to increase oil and gas drilling by reducing federal regulations, which he believes will stimulate economic growth and reduce energy costs (Fox Business).
4. Infrastructure: Trump supports large-scale infrastructure projects, likely focusing on leveraging private investments to fund these initiatives. His approach is geared towards modernizing existing infrastructure without significantly increasing federal spending (Connecticut Public).5. Healthcare: In healthcare, Trump has reiterated his desire to repeal and replace the Affordable Care Act with market-driven solutions. His focus is on reducing federal involvement in healthcare and promoting private sector solutions (Connecticut Public).
Kamala Harris’s Economic Agenda
- 1. Tax Policy: Kamala Harris advocates for higher taxes on corporations and wealthy individuals to fund social programs and reduce income inequality. Her approach includes closing tax loopholes and increasing the tax burden on high-income earners (Connecticut Public).
- 2. Trade Policy: Harris supports multilateral trade agreements and strengthening international alliances. Her emphasis is on fair trade practices, incorporating environmental and labor standards into trade deals to ensure equitable growth (Connecticut Public).
- 3. Regulation: Harris’s agenda includes increased regulation in sectors like finance, healthcare, and the environment to protect consumers and promote sustainability. She places a strong focus on addressing climate change through regulatory measures (Connecticut Public).
- 4. Infrastructure: Harris proposes significant investment in green infrastructure projects, such as renewable energy and public transportation. She also aims to expand broadband access and modernize existing infrastructure, promoting sustainable development (Connecticut Public).5. Healthcare: Harris plans to expand the Affordable Care Act and push towards universal healthcare coverage. Her proposal includes a public option healthcare plan and increased funding for public health initiatives to ensure comprehensive healthcare for all Americans (Connecticut Public).
Common Goals, Different Approaches
Jobs and Economy: Both candidates aim to stimulate job growth, but their methods differ. Trump focuses on deregulation and tax cuts to spur economic activity, while Harris emphasizes infrastructure investment and social programs to create jobs and support equitable growth.
Support for Small Businesses: Both Trump and Harris propose support for small businesses. Trump’s approach includes tax incentives and deregulation, whereas Harris emphasizes direct support and grants to help small businesses thrive.
Conclusion
The economic agendas of Donald Trump and Kamala Harris reflect their broader political philosophies. Trump’s plan focuses on market-driven growth, deregulation, and protectionism, aiming to bolster American industries and reduce government intervention. In contrast, Harris’s agenda emphasizes equitable growth, environmental sustainability, and robust social programs, aiming to address systemic inequalities and promote long-term development.
As the 2024 election approaches, at Stonewater Financial, we strive to craft your wealth management plans as candidate-agnostic. In other words, although the results of the election can have an impact on the broader economy, our plans are made to support your personal ambitions & circumstances.
