As the months of promises are replaced with actual policy, a look at the road ahead and the road not taken

Photos: AP Images

With a majority of Americans saying they feel their nation is “heading in the wrong direction,” and a dangerous constellation of conflicts abroad, Vice President Kamala Harris and former president Donald Trump were challenged to give voters hope the next four years would herald brighter horizons. Each did so with a cocktail of soaring rhetoric and wonkish details to either “Make America Great Again” or usher in a “New Way Forward.”

At the risk of oversimplification, the two platforms’ dueling themes carry heavy doses of irony and extrapolation from campaign messaging. While Mr. Trump’s mantra hearkens back to an unidentified point in America’s past, many of his positions, from waging a war against imports to taking a step back from international attachments and sizing down the administrative state, would mark a stark departure from decades of American norms.

And while Ms. Harris’s appeal to “turn the page” chiefly referenced the acrimonious tenor and drama of the Trump-era, her plans — from loyalty to international bodies to expanding government’s role in economic planning and education — bespoke a bigger, bolder version of the status quo.

As the months of promises are replaced with actual policy, a look at the road ahead and the road not taken.

Taxes & Economy

Every presidential campaign includes plans to cut taxes.

Both candidates proposed raising the child tax credit for newborns, presently at $2,000. The idea was first pitched by Senator J.D. Vance, who called for it to be upped to $5,000. Ms. Harris raised the ante to $6,000. Neither side paid much attention to how the tax cuts would impact the already gargantuan national debt.

Road Ahead

“Everybody knows what I’m going to do. Cut taxes very substantially. And create a great economy, like I did before.”

Mr. Trump’s tax agenda is rooted in bolstering the changes Congress enacted during his term, which modestly lowered rates for most individuals and slashed corporate taxes from 35% to 21%. Most of these changes are set to expire in 2025. The campaign wanted to make them permanent and further cut corporate rates to 15% for companies that produce in America.

Mr. Trump credits his tax cuts for the economic growth that marked his pre-pandemic term in office.

The 2017 cuts eliminated the ability to deduct state and local taxes (SALT), a significant loss for residents of high tax states like New York, New Jersey, and California. On the 2024 campaign trail, Mr. Trump said he wanted to restore the deduction.

Another campaign season proposal was eliminating taxes on Social Security.

Imposing steep tariffs was the key item in Mr. Trump’s toolbox to revive domestic manufacturing and struggling working-class communities. He memorably commented, “The most beautiful word in the dictionary is ‘tariff.’ ”

Team Trump said that duties of 10% to 20% would be placed on all foreign produced items, 60% on goods made in China. The goal was to give “Made in the USA” alternatives an automatic advantage, reviving industries gutted by low-cost foreign competitors.

In addition to the role Mr. Trump envisioned tariffs playing in his economic vision, the income they generate would be the chief source of income to offset revenue losses from tax cuts.

Road Not Taken

“I am offering what I describe as an opportunity economy.”

The Harris campaign marketed her tax plan as “cuts for middle-class families.” One proposal was to make permanent a $3,600 per child credit, a temporary measure enacted as part of a Covid relief package.

Another highly touted initiative was a plan to make home rental and ownership more affordable. That included policies to encourage construction of three million new homes and a tax credit for first-time home buyers. Ms. Harris proposed giving homebuyers $25,000 toward a downpayment.

Ms. Harris also rolled out a plan to raise the tax deduction for start-up businesses from $5,000 to $50,000, accompanied by a vague pledge to encourage venture capital to flow toward small enterprises.

To offset cuts, the Harris team says it would “ensure the wealthiest Americans and the largest corporations pay their fair share.” That translated into reversing many of the Trump-era tax cuts, including raising corporate taxes to 28%. Other proposals included a new set of earnings and capital gains taxes on wealthy individuals.