Current:Home > MarketsThe Daily Money: Kamala Harris and the economy-Angel Dreamer Wealth Society D1 Reviews & Insights
The Daily Money: Kamala Harris and the economy
View Date:2025-01-11 22:24:10
Good morning! It’s Daniel de Visé with your Daily Money, campaign overload edition.
It's been a busy week, and month, for anyone following the 2024 election. If you somehow missed it: Over the weekend, President Joe Biden announced he would exit the race, making way for Vice President Kamala Harris.
Harris would largely adopt President Biden’s economic blueprint on major issues such as taxes, trade and immigration if she becomes the Democratic nominee, despite her progressive past, Paul Davidson reports.
On taxes, for example, Harris is expected to back Biden’s plan to extend the tax cuts spearheaded by former President Donald Trump in 2017 for low- and middle-income households but to end the reductions for those earning more than $400,000 a year.
Here's Paul's report.
What happens when the Trump tax cuts end?
As Paul notes, both the Republicans and the Democrats have vowed to extend many of the Trump tax cuts, with the notable exception that the Democrats would hike taxes on the very rich.
But what if all that should change?
Major provisions in the Tax Cuts and Jobs Act of 2017 (TCJA) expire at the end of 2025, unless Congress extends them, Medora Lee reports. If the TCJA provisions sunset, most everyone will be affected one way or another, they said. Tax brackets, income tax rates, child tax credits, state and local tax deductions, mortgage interest deductions and much more will literally shift overnight.
The potential changes sound far away, but tax experts say people need to be aware and consider steps now to ensure they don’t face a host of tax surprises.
Markets say 'meh' to Harris
U.S. stocks were little moved by news President Joe Biden dropped his reelection bid and endorsed his vice president to take his spot, Medora reports.
Although Harris isn't a lock as the Democratic nominee, endorsements and campaign cash almost immediately began to pile up, making the nomination “hers to lose,” said Brian Gardner, Stifel chief Washington policy strategist.
Most analysts still favor Trump to win, at least for now, which could explain why markets didn't react to the historic news.
📰 More stories you shouldn't miss 📰
- Do credit-building products game the system?
- What does Biden's exit mean for the economy?
- A promotion without a pay raise
- COLA increase for 2025
- Best AI stocks for 2024
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
veryGood! (99232)
Related
- The Daily Money: Inflation is still a thing
- Planning for a Climate Crisis Helped a Small Indonesian Island Battle Covid-19
- Lady Gaga Will Give You a Million Reasons to Love Her Makeup-Free Selfies
- Ousted Standing Rock Leader on the Pipeline Protest That Almost Succeeded
- Opinion: Chris Wallace leaves CNN to go 'where the action' is. Why it matters
- Natalee Holloway Suspect Joran Van Der Sloot Pleads Not Guilty in U.S. Fraud Case
- Raquel Leviss Wants to Share Unfiltered Truth About Scandoval After Finishing Treatment
- Here's why insurance companies might increase premiums soon
- UConn, Kansas State among five women's college basketball games to watch this weekend
- The Supreme Court Sidesteps a Full Climate Change Ruling, Handing Industry a Procedural Win
Ranking
- In an AP interview, the next Los Angeles DA says he’ll go after low-level nonviolent crimes
- Leandro De Niro-Rodriguez, Robert De Niro's grandson, dies at age 19
- These On-Sale Amazon Shorts Have 12,000+ 5-Star Ratings— & Reviewers Say They're So Comfortable
- With Democratic Majority, Climate Change Is Back on U.S. House Agenda
- GM recalls 460k cars for rear wheel lock-up: Affected models include Chevrolet, GMC, Cadillac
- What’s Behind Big Oil’s Promises of Emissions Cuts? Lots of Wiggle Room.
- Elliot Page Details Secret, 2-Year Romance With Closeted Celeb
- California Ups Its Clean Energy Game: Gov. Brown Signs 100% Zero-Carbon Electricity Bill
Recommendation
-
Jennifer Lopez Turns Wicked Premiere Into Family Outing With 16-Year-Old Emme
-
Dissecting ‘Unsettled,’ a Skeptical Physicist’s Book About Climate Science
-
Trump’s Power Plant Plan Can’t Save Coal from Market Forces
-
Allow Kylie Jenner to Give You a Mini Tour of Her California Home
-
California Gov. Gavin Newsom will spend part of week in DC as he tries to Trump-proof state policies
-
California lawmakers to weigh over 100 recommendations from reparations task force
-
Trump EPA Targets More Coal Ash Rules for Rollback. Water Pollution Rules, Too.
-
Trump EPA Targets More Coal Ash Rules for Rollback. Water Pollution Rules, Too.