MSNBC's Morning Joe explains how a Harris presidency would boost the economy, while Trump would increase costs for average Americans
MSNBC also highlighted a Fox Business host's praise for Harris' small business plan
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From the September 5, 2024, edition of MSNBC's Morning Joe
[VIDEO BEGINS]
STUART VARNEY (FOX BUSINESS HOST): I just want to press the point. When a political candidate comes up with what I think is a good idea, I have to call it a good idea. And a $50,000 … tax credit for start-ups and small businesses, coupled with less red tape, I got to say, that is a good idea. Regardless of her other tax ideas.
[VIDEO ENDS]
MIKA BRZEZINSKI (CO-HOST): Fox Business host Stuart Varney with that praise yesterday for Kamala Harris' small business tax credit plan. Under that proposal, tax deductions would dramatically increase from $5,000 to $50,000 for small business start up expenses. Harris set a goal of receiving 25 million new small business applications in her first term, up from the record 19 million that were filed during the Biden administration.
Meanwhile, economists at Goldman Sachs have gamed out the potential economic implications of a Trump or Harris victory in November. Quoting from their assessment, “We estimate that if Trump wins in a sweep or with divided government, the hit to growth from tariffs and tighter immigration policy would outweigh the positive fiscal impulse from maintaining most tax cuts. However, should Harris win and Democrats secure both of the chambers of Congress, quote, new spending and expanded middle-income tax credits would slightly more than offset the lower investment due to higher corporate tax rates.”
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STEVE RATTNER (MSNBC ECONOMIC ANALYST): The Trump tariffs are, as you say, actually a huge tax increase. It would cost the average American family something like $1,600 a year. And even worse than that, it would affect the people at the bottom in terms of the percentage income they would lose more than the people at the top. So it's what we call regressive, favoring the rich over the poor, as well as, as Sam said and many other people have said, raising inflation and really having a negative impact on the economy.