In the upcoming November election, taxes are a central issue for voters to consider. Both President Donald Trump and Vice President Joe Biden have outlined their tax policies, which are significantly different from each other.
President Trump has made tax cuts a cornerstone of his economic policies, implementing the Tax Cuts and Jobs Act in 2017. He has promised to continue these cuts if re-elected, vowing to permanently lower taxes for individuals and corporations. Trump argues that reducing taxes stimulates economic growth and creates jobs.
On the other hand, Vice President Biden has proposed raising taxes for corporations and individuals making over $400,000 a year. He plans to repeal some of the tax cuts that benefit the wealthy and corporations, using the increased revenue to fund programs like healthcare and education. Biden believes that these tax increases are necessary to address income inequality and help lower-income Americans.
Additionally, the running mates for both candidates, Vice President Mike Pence and Senator Kamala Harris, have also expressed their stances on taxes. Pence has been a vocal supporter of Trump’s tax policies and is in favor of continuing the current tax cuts. Harris, on the other hand, supports repealing parts of the Tax Cuts and Jobs Act and raising taxes on the wealthy.
Voters in South Dakota have the opportunity to research and understand these differing tax policies before casting their votes in November. With the economy being a crucial issue for voters, understanding how each candidate plans to address taxes is essential. The choice between tax cuts and tax increases will have a significant impact on the future economic direction of the country.
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