Trump has made different plans that he aims to benefit the big corporations by lowering the corporate tax rate from 21% to 15% for companies that work and manufacture their products in the U.S. He plans to extend provisions in the 2017 tax law that benefit businesses like a deduction for ‘’ pass-through’’ business entities and deductions for U.S based research and their investment in equipment and machinery. In the region of the U.S., Trump has proposed tariffs on U.S. products. Particularly from China, which economist’s project would lead companies to raise prices on those products for customers and could result in retaliatory tariffs on goods that the U.S. exports to other regions.
How Do Harris And Trump Propose Paying For Their Tax Plans?
Vice President Kamala Harris also explained that she intends to pay her plans to foster the middle class through her tax increase on the wealthy; she aims to support middle-class society by giving them a reasonable lifestyle and fulfilling their needs. The Tax Policy Center has projected that Harris’ proposed tax cuts are likely to exceed the revenue generated by her tax increases. Additionally, she would need to pass those taxes on the wealthy through Congress. However, in an interview with “60 Minutes,” Harris expressed optimism that lawmakers would support her plan, stating, “When you have private conversations with many members of Congress, they understand exactly what I’m talking about, because their constituents do as well.
Trump has brightened his way after saying that he will benefit and give leverage to the upper-class people, by lowering the tax rates that they have to pay; he will also compensate them even more. However, in this way, where are the middle-class people or the people who need the government’s support? On the other hand, Harris has proposed her plan that she will help lower class people to support their daily needs and employment by giving them what they need, but here we can say, that what if both of them are saying the truth or it is just a statement for lighting up the elections.
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