in today's video we will compare Donald Trump and kamla Harris their economic plans so I'm going to tell you from the start that this video is not going to be political I'm not going to give you my opinion I'm simply going to tell you what they're saying I'm not going to say whether it's a good idea bad idea realistic or unrealistic if you want those opinions feel free to read the comments down below I'm sure you'll find them there so I'm doing this video because I read the comments this was highly requested I hope this
information this summary helps you you understand what each candidates is proposing so let's get started okay so we're going to focus on their economic policies their plans that deal with money and finances so I'm going to cover their plans on income taxes lowering inflation affordable housing Social Security prescription drug pricing International Trade deals and illegal immigration so for the immigration part you'll see how that ties in with money and finances okay so let's start off with this here's something that Harris and Trump both agree upon no federal income taxes on tips so no taxes on
tipped income so whether you like the idea or not I would say too bad because they're both going to be pushing for it of course we don't know how hard or how seriously that they're going to be advocating for this but here's what they're saying so Trump floated this idea first no federal income taxes or Social Security taxes or Medicare taxes on tipped income so he first said this in June in Las Vegas and then kamla Harris said the same thing and then Trump accused Harris of copying him so that's how it went down those
are the facts those are not opinions there are approximately 4 million Americans in tipped occupations where the bulk of their compensation comes from tips but just so you know the president cannot enact this with an executive order order this would require Congressional approval now let's move on to inflation so fighting inflation or reducing inflation both Trump and Harris say that they want to address the rising prices of everyday cost of living so they' have each provided different ways of lowering inflation Harris says that she's going to place a federal ban on price gouging she says
that in her first 100 days she will pass a national ban on price gouging for food and groceries So the plan is to give the Federal Trade Commission and prosecutors the authority to go after companies that are believed to be involved in price gouging or price fixing now here's what Trump is saying he's saying that he's going to sign an executive order on his first day to fight inflation so Trump said and I quote I will use every tool and Authority at my disposal to defeat inflation and to bring consumer prices down rapidly so Trump
said and I quote you just watch they'll come down and they'll come down fast so Trump says that his strategy is going to be two prong one it's to eliminate regulation that is costly and overburdensome and two boost oil and gas production so Trump said and I quotes we're going to drill baby drill that's going to bring down prices of everything now let's move on to affordable housing and we're going to start with Harris and what she wants to do I would summarize it up in five bullet points so the first thing is that she
wants to give $25,000 to firsttime home buyers to help with their down payments so this will be for people that have paid their rents on time for 2 years and number two give a $10,000 tax credit to firsttime home buyers number three increase home building by providing a first ever tax incentive for builders that build starter homes so the homes must be sold to firsttime home buyers so as you can see there's a lot of benefits for firsttime home buyers number four expand tax incentives to home builders that build affordable rental housing units and number
five repurpose some federal land to build affordable housing okay so here's what Trump is proposing at the moment and this is more straightforward so three main things number one is to cut unnecessary regulations that raise the price of housing number two reduce mortgage interest rates by slashing inflation and number three open tracks of federal lands for housing construction now moving on to income taxes so Trump well if you remember made major changes to the tax code in 2017 this was the 2017 tax cuts and jobs act so there were major changes to individual income taxes
as well as corporate taxes so the bulk of these tax changes will EXP expire at the end of 2025 so some have already started to wind down so they call it phasing out and some have just completely expired already so Trump is saying that he's not going to allow these tax cuts to expire that he's going to renew them well obviously because these were his tax cuts but not only that he's also saying that he's going to further cut taxes for people of all incomes as well as businesses so Trump said and I quote to
get economic relief to workers and families we will make additional tax cuts that's what gave us the great economy we'll make tax cuts additionally and we'll make them permanent okay so if you think about it the tax rules that we have right now they're from Trump and he's just saying that he's goingon to he's going to do more he's going to do more tax cuts but one of the bigger changes that Trump is proposing is making social security income taxfree so C currently social security income is taxfree if you make less than $25,000 as an
individual or $32,000 as married filing jointly so if you make more than that then social security income is taxable income so those exemption amounts I mean they're so low because they don't get adjusted for inflation you know of course that's unfair to Social Security recipients but that's just the way it is now Kamala Harris is saying that she will not raise tax taxes on anyone making under $400,000 a year so Harris says that she will expand the child tax credits from the current $2,000 per child per year to as much as $3,600 a child per
year provide a child tax credit up to $6,000 for newborns and expand the Earned Income Tax Credit so the eitc so this would cut taxes for lower income families by so it's estimated to be about $1,250 on average each year now I'm going to tell you one proposal by Trump and another one by Harris so we're going to start with Trump so this is one-sided where I'm not going to say anything about Harris on this issue because Harris hasn't said anything about this issues so this is regarding International Trade okay so Trump says that he
will add a tariff of at least 10% on All Imports from all countries so more recently he's saying that it could be as high as 20% all across the board so Trump says that he wants an additional tariff on Chinese Imports that could be as high as 60% so Trump said and I quote we're going to have 10 to 20% tariffs on foreign countries that have been ripping us off for years so essentially this means that if certain goods or services are imported to the US then there will be an additional tax on those and
they're going to cost more so this is generally done to protect or promote your domestic Industries so Trump says that these new tariffs will bring back jobs and raise revenue for the USA now let me tell you what Harris is saying about lowering drug prices and health care so Harris wants to cancel medical debt for millions of Americans remove medical debt from credit reports accelerate the negotiations with big pharmaceutical companies to lower costs for Medicare and expand the the $35 monthly cap on out of- pocket cost for insulin and 2000 so this is the $2,000
annual limits on out of pocket cost for prescription drugs by making this for all Americans not just for Medicare and we're going to end with this one this is illegal immigration so I'm bringing this one up because it makes an impact on the US economy even the Federal Reserve cites the impact of undocumented workers and the BLS and their economic reports so we're going to start with Trump so Trump says that a stricter immigration policy will create a stronger US economy Trump argues that illegal aliens reduce wages for everyone and takes jobs from native born
Americans so Trump says that he's going to do a Crackdown that could involve Mass deportations detention camps and the expansion of the border wall so Trump said and I quote I would not rule out anything we're not leaving them in the country we're bringing them out okay so kamla Harris is now giving a stricter stance against illegal immigration so Harris is flip-flopping on the border wall so this is just one example so this is not an opinion this is a fact Harris once said that the border wall was unamerican but now Harris says that she
pledges to spend hundreds of millions of dollars on expanding the wall okay but Harris has a much softer stance than Trump Harris opposes family separation and opposes Mass Deport ations okay so that's your summary of K Harris and Donald Trump their economic policies please let me know your opinion I look forward to reading your comments Please Subscribe thank you so much and take care
