Trump proposes lowering corporate tax rate to 15%, contrary to Harris' stance on tax increase

Former President Donald Trump will present his economic agenda to a group of executives and industry leaders on Thursday, focusing on how deregulation and increased fossil fuel production could lower prices for Americans.

This address comes a day after Trump appeared on Fox News, where he warned that his opponent, Vice President Kamala Harris, could drive major companies out of the U.S. if elected.

Trump is proposing a reduction of the corporate tax rate from 21% to 15%, a move that has been well-received by businesses.

He also advocates for eliminating taxes on tips and Social Security income.

During his first term, Trump reduced the corporate tax rate from 35% to 21%, a key part of his economic strategy.

Trump and Harris have diametrically opposed tax plans

The economic plans of Trump and Harris sharply contrast. Harris, the Democratic nominee, supports raising the corporate tax rate to 28% and promotes policies aimed at fostering entrepreneurship.

She believes that making it easier to start new businesses will boost middle-class prosperity.

This week, Harris proposed expanding tax deductions for business start-up expenses and set a goal of 25 million new company applications over the next four years.

related reading：Harris Endorses Biden’s 44.6% Capital Gains Tax Proposal

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Trump's tax plan has higher support than Harris in polls

Trump’s proposed tax cuts and deregulation measures appeal to companies, while Harris focuses on innovation and entrepreneurship as drivers of economic growth.

A recent AP-NORC poll indicates that voters are split on who would better handle the economy, with 45% favouring Trump and 38% supporting Harris.

related reading：Trump Gains Ground as Harris’ Odds Wane on Polymarket

Trump's new tax plan raises inflation fears

Economists have expressed concerns about Trump's plans to reintroduce tariffs, which he argues will bring manufacturing jobs back to the U.S.

However, some experts caution that these tariffs could exacerbate inflation, despite Trump's assurances that he will reduce costs.

Inflation, which peaked at 9.1% in 2022, has since decreased to 2.9%.