With the debate just around the corner, taxes have become one of the few areas where former President Donald Trump and President Joe Biden agree, and both men are keen to talk about their tax plans. (Photo : by JIM BOURG/POOL/AFP via Getty Images)
With the debate just around the corner, taxes have become one of the few areas where former President Donald Trump and President Joe Biden agree, and both men are keen to talk about their tax plans. While most discussion issues are likely to cause discomfort for one party or the other, taxes offer a special chance for both campaigns to attack. This paves the way for a potentially contentious discussion as they lay out their divergent perspectives on the country's financial destiny.
Biden's Tax Policy
The main goal of President Biden's tax plans is to raise taxes for businesses and the richest citizens in the country. His proposal calls for increasing the corporate tax rate to 28% and imposing greater taxes on Americans who earn more than $400,000 per year. Biden's strategy seeks to pay for necessary government services and lessen economic disparity. Speaking out against the Trump administration's tax cuts that disproportionately favored the super-wealthy, the Biden campaign has positioned itself as an advocate for working families and the middle class.
Trump's Tax Policy
On the other hand, the former president Trump is in favor of carrying over the tax cuts from 2017 and making additional reductions. His recommendations include cutting the corporation tax rate to 20% and even putting out the bold notion of substituting higher tariffs for the present income tax structure. Trump's approach is to use his promise of large-scale tax cuts to appeal to Americans' dislike of high taxes. The Trump team thinks that a lot of Americans who feel that their taxes are too much would agree with this strategy.
On Thursday, the tax discussion is anticipated to be one of the more divisive ones. Both camps have made it clear that they want to attack. Trump is probably going to highlight how unpopular high taxes are, claiming that Biden's proposals would burden the middle class and impede economic progress. Conversely, Biden intends to draw attention to the disparities in Trump's tax plans, contending that they benefit the rich at the expense of regular Americans. These divergent viewpoints highlight the larger conceptual gap on economic policy that exists between the contenders.
The tax argument is made much more difficult by the state of the economy today. Public expenditure has become more necessary as a result of the COVID-19 pandemic's demand on government funding. The debate over tax receipts and fiscal policy is made even more crucial by this setting. There is a split in the public view; some people value tax breaks and economic expansion, while others are more concerned with social justice and public service spending. To win over people who are still unsure, both candidates will need to address these issues.
Debate Dynamics
Both candidates will probably outline their larger economic views throughout the discussion by referencing their tax proposals. It is anticipated that whenever feasible, Trump would shift the debate to topics like immigration and inflation, while Biden could try to counter these charges and return the focus to his areas of strength, which include defending democracy and abortion rights. Presenting their tax plans in a way that appeals to people and takes into account the intricacies of the existing economic climate will be a difficulty for both candidates.
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