Current:Home > Contact-usThe Daily Money: Kamala Harris and the economy-LoTradeCoin
The Daily Money: Kamala Harris and the economy
View Date:2024-12-23 21:41:04
Good morning! It’s Daniel de Visé with your Daily Money, campaign overload edition.
It's been a busy week, and month, for anyone following the 2024 election. If you somehow missed it: Over the weekend, President Joe Biden announced he would exit the race, making way for Vice President Kamala Harris.
Harris would largely adopt President Biden’s economic blueprint on major issues such as taxes, trade and immigration if she becomes the Democratic nominee, despite her progressive past, Paul Davidson reports.
On taxes, for example, Harris is expected to back Biden’s plan to extend the tax cuts spearheaded by former President Donald Trump in 2017 for low- and middle-income households but to end the reductions for those earning more than $400,000 a year.
Here's Paul's report.
What happens when the Trump tax cuts end?
As Paul notes, both the Republicans and the Democrats have vowed to extend many of the Trump tax cuts, with the notable exception that the Democrats would hike taxes on the very rich.
But what if all that should change?
Major provisions in the Tax Cuts and Jobs Act of 2017 (TCJA) expire at the end of 2025, unless Congress extends them, Medora Lee reports. If the TCJA provisions sunset, most everyone will be affected one way or another, they said. Tax brackets, income tax rates, child tax credits, state and local tax deductions, mortgage interest deductions and much more will literally shift overnight.
The potential changes sound far away, but tax experts say people need to be aware and consider steps now to ensure they don’t face a host of tax surprises.
Markets say 'meh' to Harris
U.S. stocks were little moved by news President Joe Biden dropped his reelection bid and endorsed his vice president to take his spot, Medora reports.
Although Harris isn't a lock as the Democratic nominee, endorsements and campaign cash almost immediately began to pile up, making the nomination “hers to lose,” said Brian Gardner, Stifel chief Washington policy strategist.
Most analysts still favor Trump to win, at least for now, which could explain why markets didn't react to the historic news.
📰 More stories you shouldn't miss 📰
- Do credit-building products game the system?
- What does Biden's exit mean for the economy?
- A promotion without a pay raise
- COLA increase for 2025
- Best AI stocks for 2024
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
veryGood! (717)
Related
- Congress returns to unfinished business and a new Trump era
- UAW reaches tentative labor agreement with Ford, potentially ending partial strike
- Barbie unveils three new dolls inspired by Apple TV+ comedy 'Ted Lasso'
- Ex-NFL player Sergio Brown, charged with killing mother, has been denied release
- Federal judge blocks Louisiana law that requires classrooms to display Ten Commandments
- Ohio woman indicted on murder charges in deaths of at least four men, attorney general says
- Atlanta woman receives $3 million over 'severe' coffee burns after settling Dunkin' lawsuit
- Israeli troops launch brief ground raid into Gaza ahead of expected wider incursion
- College Football Playoff snubs: Georgia among teams with beef after second rankings
- Starbucks threatened to deny abortion travel benefits for workers seeking to unionize, judge says
Ranking
- The boy was found in a ditch in Wisconsin in 1959. He was identified 65 years later.
- ‘Grounded,’ a new opera about a female fighter pilot turned drone operator, prepares to take off
- Reports: Frank Clark to sign with Seattle Seahawks, team that drafted him
- Imprisoned apostle of Mexican megachurch La Luz del Mundo charged with federal child pornography
- Kraft Heinz stops serving school-designed Lunchables because of low demand
- Thousands of Las Vegas hotel workers fighting for new union contracts rally, block Strip traffic
- Swedish court acquits Russian-born businessman of spying for Moscow
- Kansas court system down nearly 2 weeks in ‘security incident’ that has hallmarks of ransomware
Recommendation
-
Quincy Jones' Cause of Death Revealed
-
Rep. Bowman of New York faces misdemeanor charge in fire alarm pulled in House office building
-
A woman is found guilty in the UK of aiding female genital mutilation in Kenya
-
The National Museum of Women in the Arts relaunches
-
2 weeks after Peanut the Squirrel's euthanasia, owner is seeking answers, justice
-
I-80 reopened and evacuations lifted after windy brush fire west of Reno near California line
-
Bad sign for sizzling US economy? How recent Treasury yields could spell trouble
-
Pakistan sets up deportation centers to hold migrants who are in the country illegally