Trump’s Tax Proposals Gain Traction in Key Swing States

Former President Donald Trump’s tax proposals are striking a chord with voters in critical battleground states. His plan to eliminate federal taxes on tipped income and retirement benefits is receiving notable support from this demographic. This aligns with a Bloomberg News/Morning Consult poll conducted across seven key states likely to influence the election outcome.

Harris’ Response and Competing Ideas

In response, Vice President Kamala Harris has unveiled her own tax cut ideas. Her plan to eliminate taxes on tips, albeit narrower in scope, has also gained traction. According to the same poll, Harris’ proposals have helped her build trust on economic issues among voters in these crucial states.

Harris’ tax cut ideas, including eliminating tip taxes, boost her economic trust, according to wsj subscription.

Poll Results Across Key States

The poll, conducted from August 23-27, shows broad approval for both Trump’s and Harris’ tax proposals across Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin. The margin of error is one percentage point. Trump’s comprehensive plan to abolish all federal taxes on tipped income received significant bipartisan backing. In contrast, Harris’ plan focused specifically on hospitality workers, receiving somewhat less support.

Trump’s Most Popular Proposal

Trump’s commitment to eliminating all federal taxes on Social Security benefits was the most favored of the six economic proposals surveyed, with over 80% of voters expressing strong or moderate support. This proposal was especially popular among voters aged 65 and older, with support reaching 90%.

Competing Child Tax Credit Proposals

Both campaigns are presenting contrasting plans to expand the child tax credit. Trump’s proposal, as outlined by running mate JD Vance, aims to raise the current $2,000 credit to $5,000 per child, available regardless of income. Vance’s plan also ensures that lower-income parents can benefit even without paying taxes.

Conversely, Harris’s plan proposes a credit of $6,000 in the first year, phasing down to $3,000 after the child turns seven. This credit is targeted exclusively at lower- and middle-income families. Swing-state voters favor Harris’s plan slightly more, with 65% support compared to 60% for Vance’s proposal.

History of the Presidential Elections and the Stock Market

History of the presidential elections as the upcoming presidential election between Vice President Kamala Harris and former President…

Harris’s Housing Assistance Proposal

Harris’s recent proposal to provide $25,000 in assistance to first-time home buyers received the least support among the surveyed policies, yet it garnered backing from 57% of swing-state voters. This proposal proved to be the most polarizing, with more Democrats supporting it than Republicans. Voters trust Harris more than Trump on housing costs, a reversal from previous trends where Trump had the edge over President Joe Biden.

Budgetary Implications and Voter Trust

Trump’s tax proposals could increase the national debt by $10.5 trillion over ten years. Harris’s proposals might add around $2 trillion to the debt. However, her plans aim to offset this increase with higher taxes on corporations and the wealthy. Analysts warn that voters may not fully understand the long-term impacts of these policies. Popularity of the proposals does not guarantee their effectiveness in managing the national debt.

Tariff Proposals and Voter Support

Trump’s proposals to increase tariffs—10% across the board and a 60% tariff on all Chinese imports—also received support from about half of swing-state voters. These tariffs reflect Trump’s continued focus on trade policies as a cornerstone of his economic agenda.

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