The Differences in Economic Policy Between Kamala Harris and Donald Trump

As the 2024 U.S. presidential election nears, the candidates’ economic policies highlight starkly different visions for the future. Kamala Harris, the Democratic nominee, advocates for a more inclusive and equitable economy that uplifts working families and small businesses. On the other hand, Donald Trump, representing the Republican party, doubles down on tax cuts for the wealthy, deregulation, and policies that prioritize big business and fossil fuel industries over ordinary Americans. From a progressive viewpoint, the economic stakes in this election could not be higher.

Kamala Harris: Building a Fair and Inclusive Economy

Kamala Harris presents a progressive, forward-thinking economic agenda focused on reducing inequality, supporting small businesses, and investing in sustainable, long-term economic growth. Harris’s policies aim to create an economy that works for everyone, not just the wealthiest Americans and large corporations.

1. Tax Policy: Progressive Taxation to Reduce Inequality

• Harris proposes a fair tax system that requires the wealthiest individuals and largest corporations to pay their fair share. Under her plan, Americans making over $400,000 a year would face higher taxes, while corporations, particularly those benefiting from tax loopholes, would see their taxes increased. Harris seeks to undo parts of the 2017 Tax Cuts and Jobs Act, which overwhelmingly benefited the wealthiest Americans and corporations, exacerbating wealth inequality.
• Harris supports targeted tax relief for small businesses, especially those owned by women, minorities, and entrepreneurs in underserved communities. Her tax plan aims to provide tax credits for small businesses that invest in clean energy, innovation, and local job creation. This is in sharp contrast to Trump’s tax cuts, which did little to support Main Street businesses while offering a windfall to Wall Street.

2. Job Creation: Green Energy and Infrastructure for the Future

• Harris is committed to creating millions of good-paying jobs by investing in green energy, infrastructure, and modernizing the U.S. economy. She supports a bold plan to transition to renewable energy by 2035, arguing that this shift is not only essential for fighting climate change but also for ensuring economic growth in the decades to come.
• Her infrastructure plan includes rebuilding America’s roads, bridges, and broadband networks, with a focus on climate-resilient infrastructure to protect communities from the devastating impacts of climate change. These projects will create jobs in both urban and rural areas, while helping to decarbonize the economy and reduce reliance on fossil fuels.
• Harris’s vision emphasizes retraining workers in the fossil fuel industry to transition into green energy jobs, ensuring that no one is left behind in the shift to a more sustainable economy.

3. Minimum Wage and Workers’ Rights

• A cornerstone of Harris’s economic policy is her unwavering support for raising the federal minimum wage to $15 an hour. For too long, working Americans have been left behind, with wages stagnating while corporate profits soar. Harris believes that a living wage is not just a moral imperative, but also a key to building a stronger economy where everyone can thrive.
• Harris also plans to strengthen workers’ rights, ensuring that unions have the power to bargain for better wages, benefits, and working conditions. She stands in stark contrast to Trump, whose administration weakened labor protections and consistently sided with corporate interests over the rights of workers.

4. Healthcare and Economic Security

• Harris views affordable healthcare as a cornerstone of economic security. Her plan includes expanding the Affordable Care Act (ACA) with a public option, making healthcare more affordable and accessible for all Americans. By reducing healthcare costs, particularly for working families and small businesses, Harris aims to lift a significant financial burden from millions of people.
• In addition, Harris is committed to lowering prescription drug prices and holding pharmaceutical companies accountable. By putting the health of Americans above corporate profits, she seeks to ensure that no one has to choose between paying for medications and other essential needs.

5. Economic Justice and Racial Equity

• Harris’s economic platform places a strong emphasis on racial equity. She has proposed policies that would close the racial wealth gap, such as offering targeted student debt relief for low-income communities and investing in minority-owned businesses. Harris understands that structural racism has held back millions of Americans, and her economic policies are designed to address these deep-rooted inequalities.
• Additionally, her platform supports affordable housing initiatives and making capital more accessible for entrepreneurs from marginalized communities, providing a path for more Americans to build wealth and economic security.

Donald Trump: Tax Cuts and Deregulation Favoring the Wealthy

In contrast to Harris’s focus on equity and investment in the future, Donald Trump’s economic agenda centers on tax cuts, deregulation, and policies that overwhelmingly benefit the wealthy and large corporations. Despite his claims of supporting working Americans, Trump’s policies have deepened economic inequality and prioritized the interests of the richest few.

1. Tax Policy: Cuts for the Wealthy and Corporations

• Trump’s economic strategy is built on extending the 2017 Tax Cuts and Jobs Act, which provided significant tax breaks for the wealthiest Americans and large corporations. His tax cuts did little for working-class families, instead ballooning the federal deficit while lining the pockets of the rich.
• Trump continues to push for further tax cuts that would disproportionately benefit high-income households. His approach prioritizes the wealthy, under the belief that their prosperity will “trickle down” to the rest of the economy—a theory that has consistently failed to deliver broad-based growth.
• Unlike Harris’s targeted relief for small businesses, Trump’s policies offer no specific tax incentives for Main Street. His tax plan largely ignores the needs of small business owners while prioritizing corporate tax breaks that benefit multinational corporations.

2. Job Creation: Fossil Fuels Over Future Industries

• Trump’s job creation strategy focuses heavily on fossil fuels and outdated industries, rather than investing in the jobs of the future. His economic plan includes expanding oil, gas, and coal production, rolling back environmental regulations, and opening more federal lands for fossil fuel extraction.
• This focus on fossil fuels not only exacerbates climate change but also ignores the potential of green energy to create millions of new jobs. Under Trump’s policies, the U.S. risks falling behind in the global clean energy race, while other countries take the lead in innovation and job creation.

3. Minimum Wage and Deregulation

• Trump has repeatedly opposed raising the federal minimum wage, arguing that it should be left to the states. His administration has prioritized deregulation over worker protections, weakening overtime pay requirements, and eroding union power. Trump’s policies are designed to benefit big businesses, often at the expense of working Americans who continue to struggle with low wages and insecure working conditions.

4. Healthcare: Market-Based Approaches that Leave Many Behind

• Trump’s approach to healthcare is rooted in market-based solutions and reducing the role of government. His efforts to repeal the Affordable Care Act (ACA) would have stripped millions of Americans of their health insurance, and his healthcare proposals continue to fall short in addressing the needs of working families.
• Trump has advocated for health savings accounts (HSAs) and other privatized solutions that do little to lower costs or expand access. His healthcare policies focus more on cutting costs for insurers and pharmaceutical companies than providing affordable care to those who need it most.

5. Deregulation and Free Markets for Big Business

• Trump has consistently championed deregulation, rolling back protections that safeguard workers, the environment, and consumers. His administration rolled back numerous environmental regulations, prioritizing short-term gains for fossil fuel companies over the long-term health of the planet and the economy.
• While Trump claims deregulation spurs economic growth, his policies have often favored large corporations at the expense of small businesses and everyday Americans. By cutting regulations on industries like finance and energy, Trump’s economic agenda disproportionately benefits the wealthy, leaving working families to deal with the consequences.

Small Business Support: A Stark Contrast

Both candidates claim to support small businesses, but their policies could not be more different:

• Kamala Harris offers targeted tax relief and incentives for small businesses, particularly those in underserved communities. Her plan aims to make it easier for small businesses to access capital, invest in new technologies, and hire locally, ensuring that Main Street—not just Wall Street—benefits from economic growth.

• Donald Trump has provided little in the way of specific tax breaks or support for small businesses. His broad tax cuts benefit large corporations more than small businesses, and his policies of deregulation often leave smaller companies at a disadvantage compared to larger, more established firms.

The Economic Stakes in 2024: Choosing a Path Forward

The 2024 election presents a critical choice for Americans. Kamala Harris offers a vision of an economy that works for everyone—one that addresses inequality, invests in the jobs of the future, and ensures that small businesses and working families have the support they need to thrive. Her policies prioritize economic fairness, racial equity, and long-term prosperity.

In contrast, Donald Trump promises more of the same: tax cuts for the wealthy, deregulation that favors big business, and a refusal to address the urgent challenges of climate change and economic inequality. His policies perpetuate a system that works for the few at the top, leaving ordinary Americans behind.

For those who believe in a fairer, more inclusive economy, the choice in 2024 is clear. Kamala Harris’s progressive policies offer a path to shared prosperity, while Donald Trump’s agenda would continue to concentrate wealth and power within the elite upper class.