Donald Trump is rapidly unveiling new tax-cut proposals as the U.S. elections approach. He aims to attract voters in what could be a tight race. Instead of refining current policies, Trump is offering new tax breaks. He often avoids discussing their long-term financial impact.
Trump’s plans cover various areas. He suggests tax deductions on car loan interest and removing taxes on tips, overtime, and Social Security benefits. Also, he promises to end double taxation for Americans abroad. He plans to let residents in hurricane-prone states deduct home generator costs. These ideas aim to win over voters in battleground states like Michigan.
Economists warn Trump’s tax-cut could increase the budget deficit. Still, he pushes these ideas to boost the auto industry and gain service workers’ support. He also wants to lower the corporate tax rate from 21% to 15% for U.S. manufacturers and offer tax credits for heavy machinery purchases. This strategy targets business interests.
Experts criticize Trump for lacking policy details. Republican strategist Liam Donovan calls Trump a “salesman” focused on voter approval rather than consistent policies.
Kamala Harris, Trump’s Democratic rival, has also proposed tax cuts. She aims to help a wide range of voters and invest in childcare and healthcare. Like Trump, she supports removing taxes on tips. Both candidates use economic promises to win over undecided voters. (Reuters, CNN)
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