Closer look at Trump, Harris’ economic plans heading into Election Day

[CRAIG NIGRELLI]

WITH JUST ONE DAY TO GO UNTIL THE POLLS OPEN ACROSS THE COUNTRY — THERE ARE MANY ISSUES ON THE TOP OF VOTERS’ MINDS. HERE NOW IS OUR POLITICAL CORRESPONDENT RAY BOGAN WITH A CLOSER LOOK AT WHERE THE CANDIDATES STAND WHEN IT COMES TO ONE OF THE BIGGEST: THE ECONOMY.

[RAY BOGAN]

Hey Craig good morning, these are the top ten issues driving voters’ decisions this november. 

According to Gallup, number one is the economy, followed by Democracy in the U.S., terrorism and national security, Supreme Court nominees, Immigration, Education, Healthcare, Gun policy, Abortion and Taxes. Polling shows voters think Trump would do a better job handling the economy and immigration while Harris would better handle health care and abortion. The candidates are tied on gun policy – 49% of voters say Trump would do a better job, 49% say Harris. 

Let’s take a deeper look at the candidate’s proposals that would impact your wallet. 

Both candidates have talked a lot about cutting taxes.

First Trump would extend the Tax Cuts and Jobs Act which Republicans passed in 2017 but is set to expire in 2025. That bill lowered individual tax rates and increased the standard deduction. If that expires, economists believe it will hurt low earners the most. 

Trump proposed eliminating taxes on social security and overtime. 

Trump also said he wants to eliminate the income tax and move to an all tariff system, however many economists don’t think that’s feasible in today’s society. 

There’s a great report all about this on SAN.com and the SAN app, check it out from business correspondent Simone Del Rosario. 

Both Harris and Trump said they support ending taxes on tips. Harris wants to increase the newborn child tax credit to $6,000, make permanent the earned income tax credit increase for low income households, and provide first time home buyers with $25,000 in down payment support. But economists say that will lead to increased home prices.

She says she’d pay for her plan by increasing the income tax on income over $400,000 to 39.6 percent from the current 37 percent and increasing the corporate income tax from 21 to 28%. 

An analysis of Harris’ plan by the Tax Foundation found it would increase 10-year government revenues by about $1.7 billion but decrease long-run GDP by 2%, decrease long-run wages by 1.2% and there’d by 786,000 fewer full time equivalent jobs. The Tax Foundation’s analysis of Trump’s plan showed it would add $3 billion to the national debt over ten years, increase long run GDP by less than a percent, increase long run wages by less than a percent and create 597,000 full time equivalent jobs. 

Straight Arrow News will have up to the minute results throughout election night and the days after, so stick with us at SAN.com or the SAN app. Craig.