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Former President Donald Trump has promised to make his 2017 tax cuts permanent and appoint Elon Musk to head a commission on assessing government bureaucracy if elected as president.
Trump made the promises during a speech at the Economic Club of New York, where he spoke about his planned economic policy at length.
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 to among other regulatory tax reforms. However, the TCJA is set to expire in 2025 absent an extension.
Vice President Kamala Harris has promised she would allow the tax cuts to expire, raising them from 21% to 28%.
Additionally, Trump claimed he would appoint Musk, at his request, to a Federal Commission on government efficiency and regulation, which would produce deregulation and pro-business policy suggestions.
Meanwhile, conservatives are criticizing President Joe Biden in anticipation of a Friday jobs report that is expected to display a stagnant American economy.
Stock markets are signaling investors’ poor expectations for the jobs report, which Republicans allege is caused by the Biden-Harris economic agenda.
“Last month, the U.S. added the fewest number of private sector jobs since Biden & Harris took office,” said US Senator Rick Scott (R-FL). “Meanwhile, it’s costing hardworking Americans more & more to buy groceries & pay their bills, thanks to Harris Price Hikes.”
Harris has also received conservative criticism for claiming 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.
Harris doubled down on her price control initiative through a recent advertisement, where she promises to “crack down on price gouging.”
President Trump demeaned Harris’ initiative as “ Soviet style price controls.”
Meanwhile, Harris has also promised she would “cut red tape” for small businesses by facilitating tax filing and granting them tax relief.
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