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2020 Election Guide

Economy





President Donald Trump

Passed tax reform which reduced individual taxes temporarily and corporate taxes permanently

  • Passed the tax bill that reduced the corporate tax rate to 21%
  • This led to a record-breaking rise in the stock market but also caused a federal budget deficit of around $1 trillion
  • Proposed an unspecified tax cut to boost take-home pay
  • Proposed an unspecified “Made in America” tax credit that would provide tax relief to companies using American products and hiring American workers


Supported increasing the minimum wage but has not taken any action regarding it

  • Expressed occasional support for raising the federal minimum wage—but he and the Republican-controlled Senate have not taken any such action


Signed bills that provide paid leaves

  • Signed a bill to expand family and medical leave as well as guarantee paid sick leave for certain workers
  • Urged Congress to pass legislation that will expand paid parental leave to every working mother and father


Wants to create more jobs by focusing on domestic products and American workers

  • 2017: signed the "Buy American, Hire American" executive order restricting the hiring of foreign workers
  • 2019: Issued an executive order encouraging the purchase of US-made construction materials for public infrastructure projects
  • Supports a protectionist policy of levying tariffs as part of his "America First" economic policy to reduce the US trade deficit and to support domestic goods
  • These tariffs, however, led trading partners to impose retaliatory tariffs which adversely impacted US exporters
  • Imposed heavy tariffs on Chinese goods leading to a trade war which hurt American manufacturers, importers, and farmers that rely on trade with China.


Has proposed to reduce the budget for Department of Education

  • The latest budget proposal for the department of education is a 7.8% decrease from 2020
  • Will end subsidized loans
  • Will forgive undergraduate loans after 15 years instead of 20 years, and raises the period for graduate loan repayment to 30 years from 25 years


Wants to sign trade agreements to protect US jobs

  • Renegotiated NAFTA, now known as the USMCA, which was blamed for taking away US jobs. The new deal will allegedly create more jobs for American workers.
  • Banned clinics that promote abortions from receiving tax money
  • Opted out of the Trans-Pacific Partnership (TPP) that he claimed would take away jobs. Signed bilateral agreements with Japan and Korea instead that would provide the benefits of TPP but wouldn't off-shore American jobs
  • Signed trade deal with China to boost American imports


Proposed a $1 trillion infrastructure plan and promised to create 10 million new jobs

  • The budget calls for a 13% cut to discretionary spending for the US Department of Transportation
  • The plan will build projects like water pipelines, broadband and rebuilding bridges, as well as funds to repair infrastructure on public lands, such as national parks
  • Promised to create 10 million new jobs in 10 months after reelection and create 1 million new small businesses



Former VP Joe Biden

Reverse parts of the 2017 tax law introduced by Trump

  • Will increase the top individual income tax rate back to 39.5% and raise the corporate tax rate from 21% to 28%
  • These moves will increase taxes paid by the rich and by large corporations.
  • He will apply Social Security taxes to earnings above $400,000
  • Implement a 10% tax on firms that offshore operations and encourage companies to bolster the country’s factory sector with a ‘Made in America’ tax credit
  • Promised to enforce current buy-American rules for federal contracts and close “loopholes” in Trump’s signature tax bill that critics say incentivise corporate offshoring


Wants to raise minimum wage to $15/hour

  • Supports indexing the minimum wage to the median hourly wage so that low-wage workers’ wages keep up with those of middle-income workers


Has proposed passing legislation providing 12 weeks of paid leave

  • Supports passing legislation that will provide 12 weeks of paid leave for all workers for their own or a family member’s serious health condition


Wants to invest in American goods and reduce interdependence on China

  • Has proposed a $400 billion plan to invest in US-made materials, services, research and technology.
  • This will promote domestic goods and reduce interdependence on trade partners.
  • Despite his criticism of Trump's trade war with China, Biden has not promised to remove tariffs on China which could prevent off-shoring of jobs.
  • Expand the US policy to compete in strategic high-tech sectors such as artificial intelligence and 5G wireless networks. This will curb Chinese economic power and influence, and reduce interdependence


Will forgive a minimum of $10,000 student debt per person.

  • Proposes forgiving all undergraduate, tuition-related federal student debt for low-income and middle class individuals
  • This will be funded by repealing the high-income "excess business losses" tax cut in the CARES Act


Wants to prompt free trade

  • He will renegotiate the Trans-Pacific Partnership, an agreement to promote free trade among countries bordering the Pacific Ocean,which he sees as a necessary counterweight to China's growing influence in the region
  • Promised to take action against China's unfair trade practices.


Proposed a $2 trillion infrastructure plan that will create more jobs and sustainable infrastructure

  • Will create millions of union jobs rebuilding American infrastructure – from roads and bridges to green spaces and water systems to electricity grids and universal broadband.
  • Will focus on sustainable growth and improve public health, including access to clean air and clean water.
  • Create 1 million new jobs in the American auto industry
  • Provide every American city with 100,000 or more residents with high-quality, zero-emissions public transportation
  • Expanding broadband, or wireless broadband via 5G, to every American




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