IDEAS home Printed from https://ideas.repec.org/a/ces/epofor/v25y2024i05p18-21.html
   My bibliography  Save this article

US Presidential Election 2024: A Comparison of Fiscal Policies Proposed by Leading Candidates for US President

Author

Listed:
  • William McBride
  • Erica York

Abstract

The 2024 US presidential election will determine who will work with Congress to address three major fiscal issues: the expiration of key tax reforms from the 2017 Tax Cuts and Jobs Act (TCJA), the ongoing trade war with China, and the trajectory of the federal debt Vice President Kamala Harris supports increasing taxes on high earners and corporations while substantially increasing redistribution through the tax code. Her proposals, including raising the corporate tax rate to 28 percent, would shrink the economy by an estimated 1.6 percent and fall short of raising the revenue necessary to cover increased spending Former President Donald Trump seeks to make the 2017 tax cuts permanent, reduce the corporate tax rate further, and implement higher tariffs. While his tax policies could boost growth, his aggressive tariff strategy would harm the economy and fall short of paying for the tax cuts Rather than addressing the projected debt burden, which is unprecedented and unsustainable, both candidates’ plans are likely to worsen the US debt trajectory and create a drag on economic growth

Suggested Citation

  • William McBride & Erica York, 2024. "US Presidential Election 2024: A Comparison of Fiscal Policies Proposed by Leading Candidates for US President," EconPol Forum, CESifo, vol. 25(05), pages 18-21, September.
  • Handle: RePEc:ces:epofor:v:25:y:2024:i:05:p:18-21
    as

    Download full text from publisher

    File URL: https://www.cesifo.org/DocDL/econpol-forum-2024-5-mcbride-york-us-election.pdf
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:epofor:v:25:y:2024:i:05:p:18-21. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/cesifde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.