We heard a lot on Friday from both Kamala Harris and Donald Trump on what their plans are for the US economy.
Unsurprisingly, the economy – and especially costs of living – have been key concerns for American voters this election.
But how do their plans differ? Here is a quick breakdown on what each candidate is proposing:
Democratic nominee Harris:
- Harris has stated that her day-one priority would be to reduce food and housing costs for working families. She has planned on doing so by banning gouge-pricing on groceries, helping first-time home buyers and increasing the minimum wage
- She has vowed to raise taxes on big businesses and Americans making $400,000 (£305,000) a year, while raising the capital gains tax slightly to 28%. Harris has also promised to expand child tax credits for families and cut taxes for small businesses
- On trade, Harris has indicated she will have a targeted approach on taxing imports – like the current Biden-Harris tariffs on Chinese imports like electric vehicles
Republican nominee Trump:
- Trump has also tackled high costs of living, pledging to “end inflation and make America affordable again”. Among his plans are increasing oil drilling, which he says will lower energy costs.
- He also promised to deport migrants, which he says will ease pressure on housing, and has vowed to remove taxes on tips and social security benefits for seniors
- He has proposed tax cuts worth trillions, including an extension of a tax cut he enacted in 2017 that mostly helped the wealthy. Trump says these taxes will be paid by higher tariffs on imports – a plan that economists have warned will add to the US ballooning deficit and that would push up prices for consumers
