In a bid to appeal to key battleground state voting blocs, Donald Trump and Kamala Harris are engaging in a tax policy arms race, with each proposing and one-upping the other’s tax policies ahead of the upcoming battle in Washington to rewrite the tax code. The focus on tax proposals highlights the importance of the economy in the upcoming election, as American households continue to struggle with high costs.
Recent developments have seen both Trump and Harris unveiling new tax proposals. Trump’s campaign introduced a plan to eliminate taxes on tipped wages, while Harris endorsed a similar proposal in Nevada. The back-and-forth between the two candidates has drawn attention from political analysts, with questions raised about the funding sources for these proposed tax changes.
The scope of the tax proposals put forth by the candidates could have a significant impact on the budget, potentially costing trillions of dollars over the next decade. Despite the looming expiration of the tax cuts from Trump’s 2017 tax law, which carries a hefty price tag, neither candidate has addressed this issue in their proposals.
The proposals also raise concerns about the shifting tax burden and the lack of consideration for how these changes will impact different segments of the population. The election-driven rush to propose tax changes has led to criticism from experts who argue that the discussions are detached from reality and lack critical analysis.
Overall, the tax policy arms race between Trump and Harris reflects the intense political competition in the lead-up to the election, with both candidates seeking to win over key voter demographics with their tax proposals.
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