Harris and Trump Trade Blows Over Economic Policy

Vice President Kamala Harris and former President Donald Trump criticized each other’s economic policies throughout the weekend.

Vice president Harris outlined her campaign’s economic platform and measures she would enact were she to become president in a campaign event on Saturday.

One of Harris’ ideas that have stirred controversy are price controls on supermarket items.

Harris claimed she would introduce ‘the first ever federal ban on Price gouging on food.’

Such a policy would entail the US national government imposing price caps on food vendors.

President Trump demeaned Harris’ initiative as “ Soviet style price controls.”

“If you think things are expensive now, they will get 100 times WORSE if Kamala gets four years as President. Under her plan, Kamala will implement SOVIET Style Price Controls,”said Trump.

“She will abolish private health care, and make California's ridiculous tax policies the law of the land, meaning EVERY American will be taxed up to 80% of their income!”

Harris fired back, criticizing Trump’s tax cuts.

President Trump passed the Tax Cuts and Jobs Act (TCJA), a major tax reform law, in 2017. The TCJA mainly reduced personal income and corporate taxes among other regulatory tax reforms. However, the TCJA is set to expire in 2025 absent an extension.

Harris stated Trump’s measures increased the federal deficit at the expense of middle-class taxpayers.

“Donald Trump fights for billionaires and large corporations,” said Harris. “I will fight to give money back to working and middle-class Americans.”

According to a White House memorandum, the Biden-Harris administration seeks to raise the corporate tax from 21% to 28%.

Biden also intends to increase the tax rate for the highest income tax bracket from 37% to nearly 40%.

Trump’s TCJA’s expiry would also end the current 20% deduction of qualified income for pass-through businesses.

Many small businesses are designed as pass-through businesses and would thus be taxed at higher rates if Biden’s tax policies are enacted.