On November 5, 2024, the US election will take place. In this election, the two major candidates are Donald Trump of the Republican Party and Kamala Harris of the Democratic Party. Minor party and independent candidates, such as Jill Stein of the Green Party, Chase Oliver of the Libertarian Party and Cornel West, an independent, are also running but aren’t expected to garner a significant portion of the vote. This year’s election is quite significant, as the two candidates have drastically different visions for the US:
The economy
Trump supports reducing the corporate tax rate from 21% to 15%. He also wants to make his 2017 tax cuts permanent, which, among other provisions, doubled the estate tax exemption from $11 million to $22 million. One of his most significant proposals is to impose a 20% “tariff ring” around the US and taxing Chinese imports at 60%
In contrast, Harris plans to raise the corporate tax rate from 21% to 28% and the top marginal tax rate from 37% to 39.6% for those making above $400,000 a year. Moreover, she has proposed reinstating the expanded child tax credit, giving a $6,000 tax credit to the parents of newborns.
Climate change
During his time in office, Trump rolled back many environmental regulations and pulled out of the Paris Climate Agreement. He will likely do the same if he is elected. Moreover, he plans to scale back subsidies for green energy and electric vehicles, as well as abolish energy efficiency standards for appliances.
In contrast, Kamala will likely continue the path of the Biden administration, which passed the Inflation Reduction Act, a law that provided billions of dollars in green energy incentives, but also presided over record oil drilling.
Social policy
On the issue of abortion, Trump has claimed that he would veto any national abortion ban, but while he was president, he appointed three justices who voted in favour of repealing Roe v. Wade, which took away the right to an abortion in the US.
In contrast, Harris supports codifying Roe v. Wade into law and would likely appoint pro-choice justices.
Ultimately, the American electorate will have a big choice in front of them on November 6. No matter who wins, it is essential that the democratic process is respected and that there is a smooth transition to the next administration.
https://budgetmodel.wharton.upenn.edu/issues/2024/8/26/trump-campaign-policy-proposals-2024