As former President Donald Trump gears up to unveil his economic plans, Vice President Kamala Harris' campaign is raising concerns about the potential impact on the American economy. A memo from a top economic adviser to Harris suggests that Trump's proposals could cost 'trillions' of dollars and disproportionately affect the middle class. The memo argues that Trump's policies would primarily benefit billionaires and large corporations, leading to significant tax breaks for the wealthy.
During his first term, Trump lowered the corporate tax rate to 21% and has promised further cuts for businesses if re-elected. He has also proposed eliminating taxes on tipped wages and implementing broad tariffs across the economy to generate revenue for these tax cuts and promote domestic investments.
