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The first 2024 presidential debate on Thursday, moderated by CNN, pitted President Joe Biden against former President Donald Trump in Atlanta, Georgia.
The two candidates debated on everything from taxes to the national debt, highlighting the key economic issues that matter most to entrepreneurs. Fox Business report U.S. stock futures rose on Friday after the debate.
The big problem was the economy. Gallup The poll showed that inflation (55%) is the top concern for most Americans, with the economy (52%) and federal spending (51%) also being concerns.
Donald Trump (left) and Joe Biden (right). Photo by Justin Sullivan/Getty Images
Here are where the candidates stand on key issues, including business and the economy:
inflation
CNN anchor Jake Tapper kicked off the debate with a question about inflation, noting that while inflation has slowed recently, prices for food, housing and other necessities remain high.
“What would you say to voters who feel like things have been worse under your administration than they were under President Trump?” Tapper asked Biden at the start of the debate.
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Biden said he came to leadership during a “terrible” economic climate.
“The combination of what’s left of me and corporate greed is why we’re in this problem right now,” he said.
Trump painted a different picture.
“We gave them back a country where the stock market is actually higher than it was before COVID, and nobody thought that was possible,” Trump claimed.
At the time, the Dow Jones Industrial Average wasexpensive This was in November 2020, the day after the Trump administration agreed to the transfer of power to Biden.
Biden said his administration will tackle “shrinkflation” and “Greedflation“
In May Dow closes above 40,000 first time.
Tax cuts
Biden accused Trump of “quid pro quo.”[ing] He stressed that Trump prioritizes the “wealthy” in the economy, saying he has implemented the “biggest tax cuts in American history” and increased the national deficit more than any other president during his term.
Erica York of the Tax Foundation said: ABC News President Trump’s tax cuts Tax Cuts and Jobs Act The 2017 budget was large, but not the largest in history. The bill: $2 trillion To the national debt.
Trump told voters he had delivered the biggest tax cuts and regulatory slashes in history.
“That’s why we got all the jobs,” he argued.
In 2019, when President Trump was president, the country solid Employment increased by 2.1 million people; Bureau of Labor Statistics.
But in 2023, under the Biden administration, the country Added The number of employed people increased by about 2.7 million.
Government bonds
Tapper noted that the national debt has risen to record highs under both the Trump and Biden administrations.
The Trump administration added $8.4 trillion in new debt, while the Biden administration has approved $4.3 trillion. according to To the Committee for a Responsible Federal Budget.
With the national debt growing, “why should high-income individuals and corporations pay even less in taxes than they do now,” Tapper asked.
Trump said the tax cuts were worth it because they allowed businesses to make more money while paying less.
“Corporations are bringing trillions of dollars back into our country,” Trump said.
according to economistBut the tax cuts have not delivered the promised investment and wage increases for the majority of American workers.
Biden’s response focused on the number of billionaires in America and the low tax rate they pay: 8%.
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Biden said that if billionaires paid a 25% tax, the United States could wipe out its national debt within 10 years.
but, IRS Data According to 2020 statistics, the top 1% of taxpayers already pay 25.99% of income tax.
8% tax rate come from White House Report It takes into account unrealised gains, i.e. assets such as stocks and gold that have not yet been converted into cash, into the income calculation.
Customs duties on imported goods
President Trump explained why imposing a 10% tariff on goods coming into the US would benefit the economy rather than raise prices.
Trump said the tariffs would “force countries that import goods to pay huge amounts of money, significantly reduce our budget deficit and give us a lot of leverage to do other things.”
Mainstream economists Weighed Trump called the 10% tariff “effectively a tax increase on American families” and said the tariffs would make food, medicines and cars more expensive.
Biden warned that Trump would raise taxes on the middle class: He said a 10% tariff on foreign goods would mean the average American would see a price increase of more than $2,500.
Biden was apparently referring to rising prices. calculated The Center for American Progress announced the news earlier this month.
Read the transcript of the discussion here; or watch the full video here.