By Ashley Murray | AZ Mirror
WASHINGTON — With the clock ticking on former President Donald Trump’s signature 2017 tax law, and high housing, food and child care costs darkening Americans’ mood, tax cuts have become the star of the 2024 presidential contest between Trump and Vice President Kamala Harris.
Trump wants to overall extend his tax provisions beyond the 2025 expiration date and then some, promising to lower the corporate tax rate even further and lift the cap on the state and local taxes deduction.
He argues the loss in federal revenue will be made up by imposing steep tariffs on imported goods.
Tariff is a “beautiful word,” he told a crowd in Savannah, Georgia, Tuesday night, “one of the most beautiful words I’ve ever heard.”
“We will take in hundreds of billions of dollars into our treasury and use that money to benefit the American citizens,” he said.
Harris is running on an “opportunity economy” platform that keeps the Biden administration’s promises to not raise taxes on those making less than $400,000 and enact a “billionaire” tax.
The vice president has also vowed to give tax deductions and credits to budding entrepreneurs and first-time homebuyers, and permanently expand the Child Tax Credit.
“Under my plan, more than 100 million Americans will get a middle-class tax break that includes $6,000 for new parents during the first year of their child’s life,” Harris said Wednesday at a campaign speech in Pittsburgh, Pennsylvania.
Whoever wins the Oval Office will need a cooperative Congress to enact these policies — with the exception of tariffs, over which the president enjoys wide latitude.
