In the fall 2024 election, voters will determine the country’s fate for the next four years.
The election has come down to two primary candidates following the announcement of Joe Biden, 46th president of the U.S., exiting the race four months before the election. American voters will now choose between Democratic party candidate Kamala Harris, vice president of the U.S., and Republican party candidate Donald Trump, 45th president of the U.S.
With forefront issues affecting the lives of American citizens, the candidates have shared their stance on issues like taxes, housing, education, foreign policies, immigration and climate change. Each candidate stands at opposite sides of the spectrum on how these issues should be addressed, leaving voters to decide which administration will be better for them.
Taxes
According to the U.S. tax foundation, Trump has not released any official plans regarding capital gains and dividend taxes. However, the USA tax foundation wrote that Trump has confirmed efforts he promised toward business taxes, credit, deductions, exemptions, excise taxes, individual income taxes, payroll taxes and trade tariffs.
Trump proposes lowering the corporate income tax rate from 21% to 20% and to 15% for companies with production in the U.S. to increase the child tax credit to $5,000.
Additionally, he proposes to tax large private university endowments, to exempt Social Security benefits, to tip income and overtime pay from taxation, to impose a universal baseline tariff on all U.S. imports of 10% to 20% and a 60% tariff on all U.S. imports from China and to consider replacing personal income taxes with increased tariffs, according to the U.S. tax foundation.
The 2024 GOP Platform for the Republican party, also known as Agenda 47, lays out plans regarding Trump’s tax proposals including promises for the Tax Cuts and Jobs Act (TCJA) that he signed into office on Jan. 1, 2018.
Since several provisions of TCJA are set to expire by the end of 2025, Trump proposes to make the expiring estate and individual tax cuts permanent and to reinstate unlimited itemized deductions for state and local taxes paid or change their current limits.
“Republicans will make permanent the provisions of the Trump Tax Cuts and Jobs Act that doubled the standard deduction, expanded the Child Tax Credit, and spurred Economic Growth for all Americans,” Agenda 47 stated.
According to an article by NBC News, Harris called for repealing the entire TCJA back in 2020, and, similarly, Biden called for unwinding several tax breaks within TCJA. Biden proposed to cut tax breaks for Americans that make more than a $400,000 yearly salary, to raise the corporate tax rate from 21% to 28%, to make a $3,600-per-child tax break for families, an $800 average tax cut for “front-line workers” and a 25% minimum tax on billionaires.
Harris has not specified if she plans to carry over all of Biden’s proposals, but the U.S. tax foundation has confirmed her plans to increase the top tax rate on long-term investments up to 28% for taxable incomes above $1 million and to increase the net investment income tax to 5% for incomes above $400,000. She also proposes to expand the child tax credit to $6,000 for children under age 1, $3,600 for children 2-5 and $3,000 for older children.
For tax filers who do not claim children, she proposes to expand the earned income tax credit, premium tax credits and housing tax credits, to claw back deductions for depreciation and interest for certain rental construction investment and to increase the $5,000 deduction for startup costs to $50,000.
While Harris has not proposed plans for Estate and Wealth Taxes, Excise Taxes, Payroll Taxes or Trade Tariffs, she has included information about her other proposals in her official plan, A New Way Forward for the Middle Class.
Harris has also released an itemized agenda to “lower costs for American families,” according to A New Way Forward for the Middle Class.
“The steps announced today will cut taxes for the middle class, reduce grocery costs, take on price gouging, lower the costs of owning and renting a home, continue to bring down the costs of prescription drugs, and relieve medical debt for millions of Americans,” according to her agenda.
Housing Crisis
Harris calls for the construction of 3 million new housing units in the next four years, according to Harris’ agenda. Harris proposes creating the first tax incentive for building starter homes, an expansion of existing tax incentives for businesses that build rental housing and the addition of a federal fund to promote housing construction.
According to A New Way Forward for the Middle Class, Harris has specified that she also proposes to unlock 1.2 million new affordable rental homes through historic incentives for the private sector, initiate new construction or rehabilitation of over 400,000 owner-occupied homes, launch a $40 billion local innovation fund for housing expansion, end “unfair practices that help large corporate landlords dramatically raise rents” and expand homeownership with historic $25,000 down payment assistance for first time homebuyers.
She advocates for federal programs to expand access to affordable housing, which both candidates agree is the solution to the housing crisis. However, their proposals for this solution differ.
Trump’s approach, according to an article by Time Magazine, is to reduce regulations and open federal land for large-scale housing construction.
In a speech to the Economic Club of New York, Trump said, “Regulation costs 30% of a new home, and we will open up portions of federal land for large-scale housing construction. These zones will be ultra-low tax and ultra-low regulations — one of the great small-business job creation programs.”
Within Agenda 47, Trump also supports plans “to help new home buyers, Republicans will reduce mortgage rates by slashing Inflation, open limited portions of Federal Lands to allow for new home construction, promote homeownership through Tax Incentives and support for first-time buyers, and cut unnecessary Regulations that raise housing costs.”
Trump also said that he hopes the efforts of his agenda toward immigration and the economy will have a positive impact on the housing market, according to Agenda 47.
Education
To address the policies regarding education, Trump advocates for safe learning environments while Harris advocates for debt-free higher education.
Agenda 47 stated Trump’s support for plans to cultivate “great” K-12 schools, to ensure safe learning environments free from political meddling and to restore parental rights within primary education environments.
“We commit to an education system that empowers students, supports families and promotes American values. Our education system must prepare students for successful lives and well-paying jobs,” according to Agenda 47.
Trump also proposes accessible higher education through reduced costs as well as the creation of additional alternatives to a traditional four-year degree.
Harris’ agenda does not mention proposals regarding public education. However, in her 2019 campaign kickoff address, she promised to guarantee the “fundamental right” for universal education from pre-K to debt-free college, according to NBC News.
In regard to costs for higher education, NBC News also stated Harris supports student debt forgiveness and the Biden administration’s work to provide more than $100 billion in student debt relief.
Foreign Policies: Regarding China, International Trade and Gaza
NBC News stated Harris also supports the Biden administration’s view of China as a threat to peace and stability in the Indo-Pacific region. She has backed the Biden administration’s efforts to severely restrict exports to China.
Harris has called for continued dialogue with China and her official statement on political issues clearly stated, “she has met with China’s Xi Jinping, making clear she will always stand up for American interests in the face of China’s threats, and traveled to the Indo-Pacific four times to advance our economic and security partnerships.”
Harris has not confirmed if she endorses Biden’s view that the U.S. would support Taiwan if it was attacked by China.
However, according to Agenda 47, Trump believes that “the Biden administration’s weak foreign policy has made us (America) less safe and a laughingstock all over the world.”
As stated in Agenda 47, Trump’s proposal is to “return peace through strength” by rebuilding the U.S. military and alliances, countering China, defeating terrorism, building an Iron Dome Missile Defense Shield and reviving our Defense Industrial Base.
Regarding trade with China, Trump supports phasing out imports from China, including the importation of Chinese vehicles, and to stop China from buying American real estate and industries. He proposes that American companies buy and hire Americans to become the “manufacturing superpower.”
“Republicans will support baseline tariffs on foreign-made goods, pass the Trump Reciprocal Trade Act and respond to unfair trading practices. As Tariffs on foreign producers go up, taxes on American workers, families and businesses can come down,” according to Agenda 47.
Harris has not confirmed plans for international trade within her official statement on political issues, however has made it clear she supports an alliance with Israel and its right to defend itself. She proposes to ensure Israel has the ability to defend itself, as she and Biden are currently working to get a hostage and ceasefire deal done. Harris wants to ensure all hostages are released, the suffering in Gaza ends, and the Palestinian people can “realize their right to dignity, security, freedom and self-determination.”
Trump also supports Israel’s right to defense. In Agenda 47, he proposes to stand with Israel and seek peace by rebuilding the U.S.’s alliances in the Middle East to “ensure a future of peace, stability, and prosperity.”
Trump has not stated direct plans for ending the conflict in Gaza but stated he supports a fast end to the war, according to NBC News.
Immigration
When it comes to immigration, Trump has very clear plans regarding immigration laws and procedures. Trump proposes to strengthen Immigration and Customs Enforcement (ICE), to increase penalties for illegal entry and overstaying visas, to invoke the Alien Enemies Act which removes known or suspected gang members, drug dealers and cartel members from the U.S., and to reimplement Title 42 to end the child trafficking crisis. Along with these efforts, Agenda 47 stated the proposal to begin the “largest deportation in American history.”
Trump supports “stopping the migrant invasion” with plans to seal the U.S.-Mexico border.
“We will complete the border wall, shift massive portions of federal law enforcement to Immigration Enforcement, and use advanced technology to monitor and secure the border. We will use all resources needed to stop the invasion — including moving thousands of troops currently stationed overseas to our own Southern Border,” Agenda 47 stated.
While Harris also supports securing U.S. borders, she acknowledges that the “immigration system is broken and needs comprehensive reform.”
During her time as vice president, Harris supported the bipartisan border security bill which would have added 1,500 security agents along the border and sent more technology targeted to detect and intercept fentanyl and other drugs from entering the country across all U.S. borders. Harris proposes to bring back the bipartisan border security bill and sign it into law.
Climate Change
Also within her time as vice president, Harris cast the tie-breaking vote to pass the Inflation Reduction Act, which included federal spending toward clean energy and tax credits for electric vehicles, in an effort to stop the negative effects of climate change.
Harris’ official statement on political issues stated, “As president, she will unite Americans to tackle the climate crisis as she builds on this historic work, advances environmental justice, protects public lands and public health, increases resilience to climate disasters, lowers household energy costs, creates millions of new jobs, and continues to hold polluters accountable to secure clean air and water for all.”
According to ABC News, in 2019 Harris revealed a plan to spend ten trillion to reduce greenhouse gas emissions with a goal of getting to a zero-emissions economy by 2045.
She proposes to meet a global challenge and ensures that she is committed to building upon American leadership in international climate.
Trump has not released any plans toward attacking climate change, however Agenda 47 supports restoring American beauty by restoring “genuine conservation efforts.”
However, Agenda 47 suggests Trump prioritizes the U.S.’s manufacturing power above environmental efforts. Furthermore, AP news shared information about Trump’s proposal to boost production of fossil fuels such as oil, natural gas and coal and repeal key parts of the 2022 climate law.
Climate change, immigration, foreign policies, education, housing and taxes are only some of the political issues that voters will need to consider before casting their ballot. With one month left until the election, it is important to remain educated on all political issues which the candidates campaign for or against. For more information, visit the prospective candidates websites or corresponding media channels.
