The state of the economy consistently polls as one of the most important issues to American voters, and this 2024 election was no different. Kamala Harris and Donald Trump had disparate approaches to increasing affordability for the average American, and Trump’s plan could soon be rolled out as the officially announced 47th President-elect. 

The Trump administration, according to his plan, will focus on a series of tax breaks. Though remaining quite vague about the details, Trump has stated he will enact policies that would stop counting tips as taxable income, which would ultimately increase the likelihood of mistreatment or poor pay by employers. Harris also supported this same policy. These policies will also focus heavily on protective tariffs, floating an increase in duties anywhere from 10% to 200% on imported goods. These are specifically on foreign manufactured vehicles and many Chinese goods. However economists say that for the average person, this would look like an increase in costs.  

Trump has also threatened to roll back the Inflation Reduction Act’s protections to lower gas prices. He also blamed the Biden-Harris administration for recent inflation in gas and essential goods. However, he has not laid out specific policies that would address these issues above. His plan would ultimately add around $7.8 trillion to the national debt, and reduce federal tax revenue by $2.5-3 trillion over the course of his four-year term. There are concerns that Trump’s tax cuts will solely help the rich and benefits will fail to reach the middle and lower class, as his 2017 Tax Cuts and Jobs plan ended up doing.

Harris supported the continuation of Biden’s economic legacy to lower taxes for those making less, and increase taxes for those making more. Trump has made it clear these policies will not live on under his administration.