By Reeturaj - Sep 29, 2024
US Vice President Kamala Harris promises new investments in domestic manufacturing and economic growth through tax breaks and financial incentives for young families and first-time homebuyers. She positions herself as a practical capitalist with plans to increase taxes on large corporations and the wealthiest Americans while reforming permitting and expanding union apprenticeships. Meanwhile, Republican opponent Donald Trump touts his made-in-America tax proposal and defends his tariff policies during campaign events in battleground states, outlining contrasting visions for the economy.
Kamala Harris via rawpixel
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US Vice President Kamala Harris, in an effort to refine her economic message, promised to bring in new investments in domestic manufacturing across various industries if she were to be elected to the White House in November. In a speech in the crucial state of Pennsylvania on Wednesday, Harris positioned herself as "a capitalist" with a practical approach to strengthening the middle class. Just an hour before the speech, her Republican opponent Donald Trump promoted his own economic agenda, including a 15% made-in-America tax proposal, during his visit to North Carolina. Both candidates are campaigning in battleground states this week, presenting their contrasting visions for the economy, a critical issue that voters consider a top priority when casting their ballots.
"I promise you I will be pragmatic in my approach," she said at an event hosted by The Economic Club of Pittsburgh. Building on her vision for an "opportunity economy," Harris unveiled new proposals to assist young families, first-time homebuyers, and the elderly through $100 billion in tax breaks and financial incentives. She pledged new investments in artificial intelligence, aerospace, and energy development.
Harris added, however, that tax rates for large corporations and the wealthiest Americans must rise so that they "pay their fair share." She also promised to reform permitting to speed up building in the US, eliminate college degree requirements for federal jobs, and increase union apprenticeships if elected. “I intend to chart a new way forward and grow America’s middle class” she argued, while Trump has “no intention to grow our middle class — he’s only interested in making life better for himself and people like himself”. Harris also pushed back for the first time on the Trump campaign's claim that she is lying about having worked at McDonald's as a university student.
At a campaign event in Mint Hill, North Carolina, Trump defended his tariff proposals and suggested that they were the reason "people in other countries want to kill me", mentioning that he had passed the largest corporate tax cut in US history, from 35% to 21%. He also said that he was imposing tariffs on competition from foreign countries, all those foreign countries that had ripped them off, which had stolen all of their businesses and jobs.
The economy is consistently the top concern for voters in November. Both candidates have promoted populist policies, with Harris seemingly echoing a Trump proposal to eliminate taxation on service workers' tips. In a meeting with MSNBC, Harris said that "Donald Trump has a history of taking care of rich people". "I'm not mad at anybody for being rich, but they should pay their fair share," she added, arguing that Trump advocates "tax cuts for the billionaires and the top corporations in our country". "My perspective on the economy is when you grow the middle class, America’s economy is stronger, and there’s empirical evidence to prove my point correct."