Current:Home > MyThe Daily Money: Kamala Harris and the economy -BeyondProfit Compass
The Daily Money: Kamala Harris and the economy
View
Date:2025-04-13 19:44:05
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! (1)
Related
- 'Survivor' 47 finale, part one recap: 2 players were sent home. Who's left in the game?
- Why do dogs eat poop? Reasons behind your pet's behavior and how to stop it
- World record in 4x100 free relay could fall at these Olympics
- How many countries are participating in the 2024 Paris Olympics?
- Trump suggestion that Egypt, Jordan absorb Palestinians from Gaza draws rejections, confusion
- Sammy Hagar 'keeping alive' music of Van Halen in summer Best of All Worlds tour
- Which NFL teams will crash playoff party? Ranking 18 candidates by likelihood
- 2024 Paris Olympics: France’s Rail Network Suffers “Malicious Attack Ahead of Opening Ceremony
- Moving abroad can be expensive: These 5 countries will 'pay' you to move there
- This Mars rock could show evidence of life. Here's what Perseverance rover found.
Ranking
- 'Malcolm in the Middle’ to return with new episodes featuring Frankie Muniz
- Judge in Trump’s civil fraud case says he won’t recuse himself over ‘nothingburger’ encounter
- All-Star closer Mason Miller suffers freak injury, muddling MLB trade deadline
- Northern Wyoming plane crash causes fatalities, sparks wildfire
- Who are the most valuable sports franchises? Forbes releases new list of top 50 teams
- Steward Health Care announces closure of 2 Massachusetts hospitals
- Peyton Manning breaks out opening ceremony wristband with notes on Olympic athletes
- Belgium women's basketball guard Julie Allemand to miss 2024 Paris Olympics with injury
Recommendation
Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
Texas woman’s lawsuit after being jailed on murder charge over abortion can proceed, judge rules
Thieves slam truck into Denver restaurant to steal only steaks: 'It's ridiculous'
Justin Timberlake’s lawyer says pop singer wasn’t intoxicated, argues DUI charges should be dropped
Man can't find second winning lottery ticket, sues over $394 million jackpot, lawsuit says
Manhattan diamond dealer charged in scheme to swap real diamonds for fakes
Angelina Jolie and Brad Pitt's Daughter Shiloh Is Dedicated to Pursuing Dancing
Megan Fox Plays the Role of a Pregnant Woman in Machine Gun Kelly's New Music Video