Former President Donald Trump is set to present his economic vision on Thursday to a group of economists, making the case that lifting regulations and boosting fossil fuel production can help reduce prices in a possible second term. Speaking to the Economic Club of New York, this follows his appearance on Fox News where he argued that Vice President Kamala Harris, if elected, would drive major companies out of the U.S.
Trump has suggested cutting the corporate tax rate from 21% to 15%, a proposal popular among businesses, along with eliminating taxes on tips and Social Security income. The corporate tax rate was 35% before Trump signed a 2017 bill lowering it to 21%.
Both Trump and Harris, the Democratic nominee, present sharply opposing economic plans, with Harris advocating for raising the corporate tax rate to 28% and focusing on fostering entrepreneurship to grow middle-class prosperity. She aims to ease the process of starting businesses, believing it will boost economic growth.
Trump has faced criticism for his proposed tariffs, which he claims will bring manufacturing jobs back to the U.S. Some economists warn these tariffs could increase inflation, though Trump insists his plans will reduce costs. Inflation, which peaked at 9.1% in 2022, has since eased to 2.9%.
While President Biden’s administration has maintained tariffs on China and restricted exports of advanced computer chips, Harris supports a top capital gains tax rate of 28%, in contrast to Biden's push for a nearly doubled rate of 39.6% on high-income investors.
During a campaign stop in New Hampshire, Harris advocated for expanded tax deductions related to startup costs and set a goal of 25 million new business applications over the next four years.
