Former President Donald Trump, in a recent campaign event in Tucson, Arizona, has promised to eliminate taxes on overtime work if re-elected. Trump believes that this would incentivize people to work harder and make it easier for businesses to hire. He claims that individuals who work overtime, such as police officers, nurses, and factory workers, are among the hardest-working citizens in the country and deserve a break.
This proposal is part of Trump’s larger plan for significant tax cuts, including extending income tax cuts from 2017, eliminating taxes on tips in the service industry, and lowering the corporate tax rate to 15 percent. However, Trump did not provide specifics on how this plan would be funded, which could potentially add to the nation’s growing debt.
On the other hand, Democratic nominee Vice President Kamala Harris has proposed tax cuts for working and middle-class individuals, such as a $25,000 tax credit for first-time homebuyers and a $50,000 tax deduction for new small businesses. Harris has also pledged to raise taxes on wealthier Americans, including increasing the top personal income tax rate to 39.6 percent and the corporate tax rate to 28 percent.
The Harris campaign criticized Trump’s tax plan as a desperate attempt to gain votes, claiming that he will only prioritize himself and wealthy corporations if re-elected. The battle over tax policies between the two candidates is likely to continue as the election approaches.
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