Inflation, Jobs And Taxes: How Trump And Harris' Economic Policies Differ

As the presidential election approaches, many voters are wondering how Vice President Kamala Harris and former President Donald Trump differ on key economic issues.

Don't Miss:

• The average American couple has saved this much money for retirement — How do you compare?
• Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.

Recent polls suggest a tightening race, with Harris gaining ground on economic matters that have long been Trump’s stronghold. A Reuters/Ipsos poll from August showed Trump’s lead on the economy falling to 3%, down from 11% just last month.

The moves come after each candidate has laid out their visions for addressing sticky inflation, taxes, and job creation.

Inflation, which peaked at a 40-year high of 9% two years ago, is still a central concern for voters. The Biden-Harris administration points to the Inflation Reduction Act as a key achievement, saying it aims to reduce Americans’ energy costs by up to 9% by 2030, though the specific outcomes may vary.

Trending:

• Are you rich? Here’s what Americans think you need to be considered wealthy.

Harris has said the administration is focused on lowering living costs, particularly gas prices.

Trump, meanwhile, has promised to lower interest rates and enact universal baseline tariffs to “reward domestic production,” according to NewsNation. He touts his pre-pandemic record of low unemployment and job creation, though critics note the increase in federal debt during his tenure.

The candidates offer very different approaches to taxes. Trump called for eliminating personal income tax in favor of a 10% tariff on imported goods and a 60% or higher tariff on Chinese imports. He also advocates lowering the corporate tax rate from 21% to 15%.

See Also:

• IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things ‘Even More Insanely Complicated’
• The number of ‘401(k)' Millionaires is up 43% from last year — Here are three ways to join the club.

Harris, in contrast, proposes raising the top individual tax rate to 44% and increasing the corporate rate to 28%. The Vice President has also floated a 25% tax on unrealized gains for those whose wealth exceeds $100 million, something Wall Street has made known that it is not fond of. 

The candidates also differ in their student loan policy. The Vice President supports the Biden administration’s efforts to forgive more than $160 billion in student loans, while Trump criticized the programs as unfair and pledged to roll them back if elected.

On housing, Trump and his running mate, Ohio Sen. JD Vance, have linked immigration policy to the real estate market, claiming that a crackdown on illegal immigration would lower home prices for Americans.

Trending:

• Can you guess how many retire with a $5,000,000 nest egg? –How does it compare to the average?

Trump also promises to protect single-family zoning. Benzinga reported that Harris’s plan calls for constructing three million new homes over four years and proposes $25,000 in federal assistance for first-time homebuyers.

As the election nears, both candidates face challenges in winning over the moderate vote. The Reuters/Ipsos poll found that 59% of voters view Trump unfavorably, compared to 52% for Harris. However, Harris holds a slight edge in favorable ratings, with 47% compared to Trump’s 39%.

According to the poll, the economy remains the top issue for 26% of registered voters, followed by concerns about political extremism and threats to democracy at 22%.

Read Next:

• Founder of Personal Capital and ex-CEO of PayPalre-engineers traditional banking with this new high-yield account — start saving better today.