As the 2024 presidential election approaches, economic policy remains a central issue. President Joe Biden and former President Donald Trump have outlined distinct approaches to taxes and trade, reflecting their differing priorities.
Tax Policies:
President Biden advocates for increasing taxes on corporations and the wealthiest individuals to fund public investments and reduce income inequality. His proposals include raising the corporate tax rate and implementing a minimum tax on billionaires.
In contrast, former President Trump supports extending the tax cuts enacted during his previous term, which are set to expire in 2025. He also proposes further tax reductions, including eliminating taxes on tipped income, aiming to stimulate economic growth.
Trade Strategies:
On trade, President Biden has taken steps to protect American industries by proposing increased tariffs on specific imports, such as tripling tariffs on Chinese steel. He emphasizes the importance of maintaining domestic ownership in critical sectors like steel production.
Former President Trump proposes a more aggressive trade policy, including imposing a 10% tariff on nearly all imported goods and higher tariffs on countries engaging in unfair trade practices. His plan also includes phasing out imports of essential goods from China and restricting Chinese ownership in U.S. infrastructure.
These contrasting economic plans highlight the choices voters face regarding the direction of U.S. fiscal and trade policies.