Trump vs. Harris: A Policy Comparison

As the U.S. braces for the upcoming 2024 election, economic, tax, and immigration policies from candidates Trump and Harris are sharply defined and aimed at influencing everything from small business startups to Social Security. Here’s an overview of some key policy differences between the two candidates:

Taxes

Social Security:
Harris and the current administration have prioritized preserving US Social Security without cutting benefits, planning to fund the program’s long-term sustainability by increasing taxes on high income earners. Trump’s stance remains unclear; although he stated he’d protect Social Security, he has previously hinted at entitlement cuts to balance the budget.

Trump Tax Cuts:
Harris has expressed her intent to repeal the Trump tax cuts entirely for individuals earning over $400,000 USD. By contrast, Trump aims to cement these cuts, making provisions of the 2017 Tax Cuts and Jobs Act permanent.

Tariffs:
Harris opposes broad tariffs, favoring selective tariffs on specific sectors, like steel and aluminum from China. Trump proposes a blanket 10% tariff on all imported goods, arguing it would help the U.S. manufacturing sector—especially targeting Chinese imports, which could face tariffs as high as 60%.

Estate Taxes:
Harris supports US estate tax reform with significant reductions to exemptions and higher tax rates, proposing to lower the estate and gift tax exemption to the 2009 level ($3,500,000). Taxable estates over this level and up to $13,000,000 USD would be subject to a 55% tax. Trump’s approach is less aggressive; he wants to maintain the current estate tax provisions under the Tax Cuts and Jobs Act which doubled the exemption, marking a shift from his 2016 stance when he called for eliminating estate and gift taxes entirely.

General Tax Policies:
Harris proposes tax breaks for small businesses, a higher capital gains tax on high income earners, and a quadrupled tax on stock buybacks to 4%. Trump, however, supports tax benefits for pass-through entities and wants to lower the corporate tax rate to 15% for domestic manufacturers, maintaining it at 20% for other businesses.

Immigration

Border and Migration Policies:
Harris is against family separation and supports bipartisan border security solutions. She would allow spouses of U.S. citizens who are undocumented to apply for Green Cards and intends to expand immigration by creating more Green Card opportunities. Trump, on the other hand, plans to reinstate his strict policies, including the Remain in Mexico program and extensive deportation efforts. He has also stated he would end birthright citizenship and reinstate the “Muslim ban,” aiming to overhaul immigration toward a merit-based system.

General Immigration Policy:
Harris envisions comprehensive reform and a pathway to US citizenship, albeit with limited specifics, and an increase in legal immigration caps. Trump advocates strict border control and expedited deportation, with plans to execute a large-scale deportation operation.

Healthcare

Affordable Care Act (ACA):
Harris has long defended the ACA, co-sponsoring a bill for “Medicare for All” and supporting government-backed insurance without eliminating private plans. While Trump has consistently criticized the ACA, his alternative remains unspecified. His recent statements have leaned toward “improving” rather than repealing it outright, though no clear plan has been presented.

The Verdict

As the 2024 election looms, Trump and Harris present vastly different policy trajectories. Trump champions tax cuts, stringent immigration control, and a less detailed healthcare reform. Harris focuses on raising taxes on the wealthy, expanding immigration opportunities, and building on the ACA, each aiming to resonate with their respective voter bases and vision for America’s future.