POLIBIZ - Listening to Trump’s economic plan is something like a husband discussing ways to earn more money to bring home; while Harris’ one sounds like a housewife presenting on how to spend her husband’s income wisely to make everybody at home happy.
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| Fox News Comments on Kamala Harris's Interview with MSNBC Host. |
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Kamala Harris’ Handouts Plan
In overall, the economic plans introduced by Democrat presidential nominee Kamala Harris at rallies, presidential debate, interview with Oprah and Stephanie Ruhle are all about handouts, such as $25,000 aide to first-time home buyers, $40 billion "innovation fund" to build more affordable homes, Child Tax Credit increase, $50,000 tax deduction for new small business start-ups ...
It’s still unknown how effectively these policies would be, but it’s obvious at the moment that the enactment of these policies would cost the federal budget trillions of dollars and deepens the fiscal deficit of the country.
The only resort of Kamala to cover all the handouts is to increase the corporate tax, from the current rate of 21% to 28%. In general, it’s just a plan to get more from some to give more to the some others.
Moreover, Harris’ plan of increasing corporate tax does not consider other factors such as the reactions of the business communities, the possibilities of more and more businesses shrinking their operations in the US or even leaving the country to tax heavens, or a tougher investment environment to encourage foreign investors to come (the average corporate income tax of the world was 23.5% as of 2023).
Another hurdle for Harris’ plan would be how to get that policy passed by the Congress. If she failed to increase the corporate tax, her handouts plan would go bankrupt. To the feasibility of that idea, during the interview with Stephanie Ruhle, Harris just simply said she met a lot of CEOs and they agreed to pay the fair share. So it can be interpreted that it’s not a problem for Harris to enact her plan since all related parties already agreed to do so.
Bad Tariffs or Good Tariffs
Also the interview with Stephanie, Harris tried to blame that the import tariffs raised under Trump’s Administration are the cause to the current high inflation, as “a 20% tariffs on all Imports that he [Trump] has described would be a 20% sales tax in essence on basic necessities”.
Host Stephanie was smart and knowledgeable enough to feedback that “but tariffs aren't unique to president Trump. President Biden has tariffs in place, he's is actually looking to potentially Implement more”. It should be reminded that despite the application of increased import tariffs, the US economy did not encounter high inflation under Trump’s Administration.
Harris herself did not, or maybe could not, answer whether such tariffs are good or bad; whether she would increase or lower them. Her strategic idea was just something like “Trump is not serious about these issues”.
