The upcoming 2024 presidential election presents voters with candidates holding distinctly different policy platforms across a range of critical issues. To aid in making an informed decision this November, it’s essential to Compare Presidential Candidates On Issues. This analysis outlines the key policy priorities of former President Donald Trump and Vice President Kamala Harris, focusing on areas with significant economic and financial implications.
The ability of the next president to enact their policy agenda will heavily depend on the composition of Congress elected this year. However, some policies can be implemented unilaterally by the president, while others require congressional approval. This comparison notes these distinctions where relevant.
The following policy comparison is organized by topic, broadly prioritizing areas with the most potential impact on the economy and financial markets. It’s crucial for investors and citizens alike to maintain a long-term perspective when considering these policies and avoid making decisions based on short-term political fluctuations.
Tax Policy: A Key Point of Divergence
Tax policy stands out as a major area of contrast between the candidates. Vice President Harris advocates for increasing the corporate tax rate back to 28% from the current 21%. Conversely, former President Trump aims to further reduce it to a range of 15%-20% from 21%. Regarding individual income taxes, Harris intends to raise rates to pre-2018 levels for those earning over $400,000, primarily by allowing provisions of the 2017 Tax Cuts and Jobs Act (TCJA) to expire. In opposition, Trump seeks to make the TCJA individual tax cuts permanent, which would necessitate congressional action.
Trade Policy: Protectionism with Different Approaches
Trade policy represents another area of significant difference. While both candidates lean towards protectionist stances, their approaches, particularly concerning China, diverge. Harris favors targeted tariffs aimed at specific industries and geopolitical rivals, including China’s technology sector. Trump, on the other hand, has proposed a sweeping 60% tariff on all goods imported from China. These contrasting approaches could have considerable implications for international trade relations and supply chains.
Regulatory Landscape: Minimum Wage, Antitrust, and Deregulation
Significant regulatory differences also exist between the candidates. Harris plans to increase the federal minimum wage to $15 per hour, up from $7.25. She also supports expanding student debt relief programs and strengthening antitrust enforcement across various sectors. In contrast, Trump prioritizes broad deregulation across the economy. His agenda includes reducing regulatory barriers, streamlining the merger and acquisition approval processes, and reclassifying numerous civil service positions as political appointments.
Health Care Policy: Drug Prices and Medicare’s Future
Both candidates have expressed a desire to address prescription drug prices. Democrats, led by Harris, aim to expand Medicare’s negotiating power to include more drugs and extend inflation caps to private-sector drug pricing. Republicans, under Trump, are looking to accelerate the privatization of Medicare, reduce hospital payments for outpatient services, and cut Medicaid spending. These differing approaches to health care policy could significantly reshape the healthcare landscape in the United States.
Trump vs. Harris: Making an Informed Choice on Policy Issues
To gain a deeper understanding of the policy positions of both campaigns, refer to our online policy tracker, a nonpartisan resource detailing the major economic policies of the Harris and Trump campaigns. This resource will be continuously updated to reflect any changes in policy positions as the election cycle progresses, ensuring voters can compare presidential candidates on issues effectively and make informed decisions.
