Your Money, Your Vote: How Kamala Harris and Donald Trump’s Economic Plans Could Affect Personal Finances

The 2024 United States presidential election will be a historic and high-stakes contest between Vice President Kamala Harris and former President Donald Trump.

Undoubtedly, one of the central questions on voters’ minds is how each candidate’s economic policies might impact personal finances.

Inflation, taxes, student debt, and healthcare costs dominate the national conversation since Harris and Trump are pushing competing visions of the U.S. economy’s future. Let’s dive into how their policies could shape these critical areas to impact ordinary Americans.

 Inflation

However, inflation has lately become one of the major voter concerns in the United States; the price of various goods and services is rising alarmingly.

During President Biden’s administration, where Harris holds her office, inflation has indeed proven to be a significant challenge, partly as a result of the economic recovery from the pandemic alongside unavailability and some disruptions within the supply chain.

Vice President Harris emphasized that her administration will continue working on its efforts to reduce inflation, implementing policies such as growing domestic production, assisting in investments in renewable energy, and collaborating with the Federal Reserve to stabilize the economy.

Harris’s agenda would involve encouraging energy independence to cut back the dependence on global markets for oil, which she argues will help to check price inflation in the energy and transport sectors.

Harris has also favored the hike in wages to offset the escalating costs of living; she feels this is the only way to increase the purchasing power of the middle class within the inflationary scenario.

However, Trump has criticized the Biden administration by saying that they have “run the economy wild” and are such frivolous spenders who made unfounded regulation further exacerbating inflation.

In addition, in his economic policy, Trump espouses a rollback of regulations, increased oil and gas production, and slashed government spending. To him, low federal intervention will mean lower prices because more competition will be entailed in key industries.

But another very important aspect of his inflation strategy is his plan to revive domestic energy production, focusing on lowering energy prices, which he believes to be a causative agent of inflation.

 Taxes

One of the areas where the candidates’ economic visions contrast most sharply is in their tax policies-the candidates’ tax policies represent one of the areas of sharpest contrast in their economic visions.

Kamala Harris suggests continuing and even increasing the progressive taxation policies initiated during Biden’s presidency, mainly targeting the very well off and large corporations.

The proposed increases in taxes on the top 1% earners would be used as offsets, with tax breaks and credits for working families and small businesses.

Harris’s focus in her tax plan would be to invest in some much-needed infrastructure, healthcare, and education using additional revenue to reduce income inequality and more opportunities for middle- and lower-income families.

In contrast, Donald Trump will most probably extend his 2017 tax cuts which lowered the taxes on corporations and the rich. According to him, the general reduction in the taxes spurs investments, stimulates economic growth, and creates jobs.

His plan is likely to be characterized by further cuts in both corporate income and individual income taxes and rather retaining the status quo of the U.S. market as a competitive venue for more international businesses.

Trump further argues that lower taxes will promote more disposable income to the Americans, which further translates into an augmentation in economic growth.

 Student Debt

The student-debt problem is a major issue for millions of Americans, and one of the issues that both candidates addressed on the campaign trail.

Kamala Harris supports the relief that will be brought forth by the Biden administration regarding students eligible for loan forgiveness under the controversial loan forgiveness program.

Harris has been an advocate for reforms in student loan policies that can make higher education accessible and affordable for more Americans-through expanded Pell Grants and reduction of interest rates for student loans.

Trump has been strong and vocal against a mass cancellation of student loans, saying it is an unfair tax on the rest of the public.

He feels that there needs to be more emphasis on professional education and training so that a four-year degree is not necessary to be a success.

Solutions for the student debt crisis under his administration would likely be centered around solutions from the private sector-motivating businesses to invest in the education of their employees while offering targeted repayment plans based on income level.

Health Care Costs

Healthcare is the area where Harris and Trump really differ widely. Harris has been a proponent of expanding healthcare access for many decades, and supports the expansion of accessible, affordable health care through the ACA.

She advocates for upgrading the ACA and prescription drug prices on the campaign trail. Harris’s policy would also try and lower out-of-pocket healthcare costs especially for low-income families, by offering more government support for medical services, as well as enrolling more recipients in Medicare.

Trump, who campaigned to veto the ACA when in office, is likely to continue pushing for more market-oriented approaches to healthcare. His health care policy features reduced government interference, increased competition among insurance firms, and allowing individuals to purchase insurance policies across state boundaries.

According to Trump, that will lower the cost of healthcare because it will spur innovation and offer consumers more choices.

 Conclusion

The very different visions presented by the two political configurations in the 2024 election for what the US economy must look and feel like going forward are one embodied in the approach of Kamala Harris, whose policies center on government intervention as a means of promoting greater fairness and opportunities.

The implementation of progressive taxation, student loan relief, and expanded access to healthcare;

the other in Donald Trump, who centers his approach on deregulation, tax cuts, and free-market solutions that achieve cost-cutting and stimulate economic growth. As the two approaches fight for supremacy, voters will have to balance these competing plans in order to find out who is more into their financial interest as they head for the polls.