In a recent discussion on economic policies, Vice President Kamala Harris and former President Donald Trump outlined starkly contrasting approaches to address inflation and support American families. As inflation remains a top concern for voters, both candidates are positioning their plans as solutions to the economic challenges facing the nation.

Harris emphasized her commitment to lowering costs for everyday Americans through a series of proposals. Key elements of her economic plan include a capital gains tax increase, a $50,000 tax deduction for small businesses, and a goal of 25 million new business applications within her first term. She also aims to construct 3 million new housing units, provide $25,000 in down payment assistance for first-time homebuyers, and raise the corporate tax rate from 21% to 28%. Additionally, Harris plans to permanently expand the child tax credit to $6,000 for middle and low-income families during the first year of a child's life, while maintaining a promise not to raise taxes on individuals earning less than $400,000 annually.

In contrast, Trump has claimed he would tackle inflation immediately upon returning to office, although he has provided limited specifics on his strategy. His proposals include cutting corporate taxes from 21% to 15%, eliminating taxes on tips and social security benefits, and imposing tariffs of 10% to 20% on foreign goods, particularly targeting China with tariffs as high as 60%. Trump also seeks to make the 2017 tax cuts permanent, which are set to expire next year.

Economists have weighed in on the potential impacts of both candidates' plans. Mark Zandy, chief economist at Moody's, noted that Trump's policies could lead to increased inflation and a diminished economy, particularly affecting middle and lower-income Americans. Conversely, he suggested that Harris' proposals would be more beneficial for these demographics.

A notable point of contention is Trump's plan for mass deportations of undocumented migrants, which he argues could alleviate housing shortages. However, economists like Michael Strain from the American Enterprise Institute warn that such a move could lead to higher prices for goods and services, as many sectors rely on undocumented workers.

The nonpartisan Penn Wharton budget model projects that Trump's proposals could increase the national debt by over $5 trillion in the next decade, while Harris' plan would add approximately $1 trillion. As both candidates prepare for the upcoming election, their economic strategies will likely play a crucial role in shaping voter sentiment and the future direction of U.S. economic policy.