🔥 With the 2024 presidential election looming, tax policy is becoming a major battleground between Kamala Harris and Donald Trump. Both are trying to appeal to voters with different tax proposals, despite the nation's worrying fiscal deficit.
🖥 Key Points:
⚪️ Biden's Tax Credit Proposal: Initially, Biden proposed increasing the child tax credit from $2,000 to $3,000 per child, and up to $3,600 for younger children.
⚪️ Vance's $5,000 Child Credit Plan: JD Vance, Trump's running mate, has proposed a $5,000 per child tax credit plan, even though it could increase the national debt by $2 trillion over the next decade.
⚪️ Current Debt Crisis: US debt now exceeds GDP by 22%, with interest payments approaching $2 million per minute. Both parties are pushing tax plans despite these financial woes.
⚪️ Trump's Proposal: Trump proposes eliminating taxes on Social Security benefits, which could increase the deficit by $1.8 trillion, and extending tax cuts from 2017, which could cause the US public debt to rise to 200% of GDP by 2054.
⚪️ Harris' Upcoming Plan: Harris will release his economic plan, focusing on reducing food costs and eliminating the tax on tip income.
📊 Impact: Both candidates' proposals could have a significant impact on the US economy, with questions about whether the country can manage its growing debt burden.
🔗 Source: https://t.me/cryptoanalysisvn/1/2012
