With just weeks remaining until Election Day, Republican presidential candidate Donald Trump has made a series of new tax-cut pledges in an apparent effort to appeal to undecided voters.
In an unusual move for this late stage in the campaign, Trump has announced several tax-cut proposals, which critics say come with significant fiscal consequences.
As reported by Reuters, Trump addressed attendees at a Detroit Economic Club gathering on Thursday with a proposal allowing consumers to deduct interest on car loans. The proposed measure, part of a broader message supporting stakeholders of the US auto industry, did not address the potential cost to taxpayers.
Less than a day earlier, Trump had vowed to end double taxation for Americans living abroad, some of whom are required to pay taxes to both the US government and foreign authorities.
By Reuters' count, Trump has rolled out nine new tax initiatives since May, including six announced in just the past two months. Among those proposals are eliminating taxes on tips and overtime for wage earners; repealing a contentious cap on the SALT tax deduction, which benefits wealthier taxpayers; and ending taxes on Social Security benefits, which policy experts warn would put the sustainability of the system at risk. Trump also pledged to cut the corporate tax rate from 21 percent to 15 percent for companies manufacturing in the US, while offering a tax credit for businesses purchasing heavy machinery.
Trump's Democratic opponent, Vice President Kamala Harris, has also released tax plans aimed at reducing taxes for a broad range of voters, alongside promises to expand spending on healthcare and child care. Beyond that, she has called for a 28 percent long-term capital gains tax for high-income earners, signaled support for the so-called billionaire minimum income tax, and raising the corporate tax rate to 28 percent.
Despite Trump’s confidence that increased tariffs and economic growth would offset the costs of his proposals, experts remain skeptical. A recent estimate from the Committee for a Responsible Federal Budget suggests Trump’s plans would add $7.5 trillion to the federal deficit – which already stands at roughly $34 trillion – over the next decade,. By comparison, Harris’ proposals are projected to increase the deficit by $3.5 trillion.
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