6 Surprising Ways Trump and Harris’ Financial Policies Are the Same

In the race of President Donald Trump versus Vice President Kamala Harris, they are on opposite sides of most key issues. Vice President Harris wants to incentivize the usage of electric vehicles, while President Trump has called them unreliable. Harris wants to let Trump’s previously enacted tax cuts expire, while Trump obviously would like to extend them. It’s hard to find any common ground between the two candidates in the 2024 presidential election.

However, financial experts can find a few similarities between the two. Here are some ways where Trump and Harris align on policy.

Also here is a breakdown of how the future of Social Security could be impacted by who’s elected.

See More: I’m a Financial Planner: Here’s What a Kamala Harris Presidency Would Mean If You Plan To Retire in 2025

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Boosting Reputation in Global Economy

“While Trump and Harris hold very different political ideologies, their financial policies share some notable similarities,” said Alec Kellzi, certified public accountant (CPA) at IRS Extension Online. “Both have emphasized the importance of boosting America’s global economic competitiveness, though their specific approaches differ.”

Kellzi also explained that Trump’s policies favor protectionist trade policies and business-friendly reforms. Specifically, Trump’s Tax Cuts and Jobs Act that’s set to expire in 2025 provides tax cuts for businesses. Trump also wants to impose an “all-tariff policy” that would put more taxes on imported goods in lieu of federal taxes like income tax.

Kellzi said Harris is prioritizing public investment to out-innovate rivals. This is referring to investments like the $1.6 billion that the Biden-Harris administration put toward the CHIPS for America program.

Shanka Jayasinha, founder of S&J Private Equity, said their trade policies also seem to have some overlap. “Although Trump’s policies differ vastly from Harris’, they both seem to have the same view on the USA’s role within the global economy, especially with China as it appears both candidates would use tariffs and other special measures to limit trade that would not benefit the USA.”

Though the specific steps are different, both Trump and Harris are trying to make America a more competitive economic figure in the global sphere.

Check Out: Trump Wants To Eliminate Income Taxes: Here’s What That Would Mean for the Economy and Your Wallet

Not Favoring Big Government

Kellzi said both candidates are fairly against lots of government involvement in financial matters.

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“They exhibit a shared skepticism towards extensive government intervention in the economy,” Kellzi said. “Both have been critical of perceived over-regulation that inhibits business growth, though they diverge on the degree of deregulation needed. Another parallel is their calls to reduce tax rates.”

Aiding the Middle Class

Kellzi said both candidates are working toward a tax code that could benefit more people. “They align in their desire to simplify the tax code by eliminating loopholes and exemptions, viewing this as a path to a fairer system.”

If you’re a middle class American, ​​Mark Pierce, CEO of Wyoming Trust, said both candidates have something to offer you. “Despite being significantly different, Trump and Harris’ financial policies do have some similarities, such as a focus on economic growth and addressing inflation. Both support measures to aid the middle class. Trump through tax cuts and deregulation and Harris through tax credits and increased social spending.”

Dr. Jim Ronan, political science lecturer at Villanova University, said those in the middle class with children could have something to look forward to with either candidate in office.

“Both candidates seem to support either maintaining or expanding the Child Tax Credit, though the [official] Democratic Platform will not be finalized until the Convention.”

Jayasinha echoed Piece’s sentiments and explained the different impacts this could have on the American economy. “The other commonality one may argue is that both want more dollars in the pockets of the American citizen.”

“However, Trump would achieve this through tax cuts and the wish for lower rates while Harris would achieve this by controlling inflation to lower the cost of living and assembling aid and stimulus packages,” Jayasinha said. “These different methods have different effects on financial markets and therefore, affect the role of the U.S. in a global economy which in turn will have different ramifications.”

Criminal Justice Reform

Both candidates agree that the criminal justice system needs to be revamped. Ariful Islam, finance expert at Sterlinx Global, explained their policies they’ve fought for would reduce the economic burden on prisons.

“Both Trump and Harris have pushed for changes in the criminal justice system from different perspectives, though,” Islam said. “In 2018, Trump signed the First Step Act which was enacted into law to decrease recidivism rate among former offenders as well as change sentencing laws which include early release for good behavior prisoners and improved prison conditions.

“As a former Attorney General of California, [Harris] championed programs like Back on Track that were meant to reduce reoffending rates by educating and training,” he said. “She has also supported bail reform initiatives and addressed sentencing disparities.”

Developing Infrastructure

Both candidates have a desire to improve the American infrastructure.

“Trump during his reign suggested a $1.5 trillion infrastructure plan that would rely on public-private partnerships to renovate roads, bridges and other crucial infrastructures,” Islam said. “The Vice President has backed Biden’s administration with a $1.2 trillion project for modernizing transportation systems and water infrastructures as well as expansion of broadband networks.”

Trump has also said he would build “Freedom Cities” with monuments to “true American heroes as part of his infrastructure plan, according to Duke University’s The Chronicle. As for Harris, she has stood by Biden as the 2021 Infrastructure Investment and Jobs Act (IIJA) was enacted, which pledged $7.5 billion for construction of a national electric vehicle charging station network, $27.6 billion for improving the electric grid and reducing AMTRAK’s long-standing project backlog.

Healthcare Reform

Though not all of their healthcare goals are aligned, Islam said both candidates have the common goal of lowering the cost of prescription drugs for the American people. “There has been some sort of convergence between their healthcare reform models,” Islam explained. “Trump has sought a reduction of drug prices as well as the increase of price transparency in the health care system. To make drugs cheaper, Harris called for negotiations by Medicare with manufacturers as part of broader health reform.”

^{Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.}

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This article originally appeared on GOBankingRates.com: I’m a Financial Expert: 6 Surprising Ways Trump and Harris’ Financial Policies Are the Same