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U.S. Vice President Kamala Harris and former President Donald Trump revealed their visions for the nation’s economy this week. The candidates promised to curb inflation and not tax waiter tips. While the ideas have gained support from voters ahead of the November presidential election, experts say they won’t be easy to implement, VOA’s Patsy Widakuswara reports.
American voters, Republican and Democratic alike, are united on the issue of price increases.
“Prices keep going up, and it hurts your wallet,” said Virginia voter James Russell.
As the November election approaches, both candidates, Vice President Harris and former President Trump, have focused on the issue of inflation.
“When elected president, my top goal will be to lower costs and increase economic security for all Americans,” said Kamala Harris, the Democratic nominee for the White House.
“Does anyone here feel richer under Kamala Harris and Joe Biden than they did under the Trump administration? Are prices more affordable under Kamala Harris and Joe Biden,” asked Republican presidential candidate Donald Trump.
In calling on the federal government to step in to control prices, Ms Harris zeroed in on the meatpacking industry.
On the other hand, Republican candidate Donald Trump has said he would respond to rising prices by increasing oil and gas production.
“It’s unlikely that any single policy the president introduces will have much impact in reducing inflation from its current level to the Fed’s longer-run economic goal of 2%,” said Andrew Lautz, an expert on policy from both parties.
Last month, U.S. inflation fell to 3% for the first time since March 2021, though Americans are still suffering the consequences. Retail sales data are upbeat, unemployment is low and most economists are no longer warning of a recession.
However, the economic situation remains a major concern for American voters and a hot topic in the campaign debate.
“We will not allow this crazy, incompetent socialist to continue to destroy our economy for another four years. It will destroy our country,” said Republican presidential candidate Donald Trump.
“Compare my plan to what Donald Trump intends to do. He plans to slash taxes on billionaires year after year and cut corporate taxes by over a trillion dollars,” said Kamala Harris, the Democratic nominee for the White House.
The two rivals pledged to eliminate the federal tax on waiter tips. Critics said the proposal would not help fast-food workers or other low-income workers who don’t receive tips. They warned it would come with costs and could be abused.
“How do we make sure those who deserve it benefit? This could create opportunities for abuse, where some people could treat awards and good work fees as tips and not pay taxes on them,” said Steven Rosenthal of the Tax Policy Center.
Before President Joe Biden dropped out of the race for the White House, Mr. Trump was leading in polls on the economy. Now, at least one poll shows the two rivals nearly evenly matched, with Ms. Harris at 42% and Mr. Trump at 41%.
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