2024 Presidential Election: Trump vs Harris Policy Comparison

Key Takeaways

The 2024 presidential election features candidates with significant policy differences in many areas. To help you make an informed decision this November, we developed a comprehensive policy comparison table outlining critical priorities for former President Donald Trump and Vice President Kamala Harris.

Of course, the composition of Congress after this year’s election will considerably impact the extent to which the respective candidates can implement their priorities. Therefore, we’ve identified specific policies that the presidential election winner could implement without legislative approval. We’ve also specified those requiring congressional approval and those that wouldn’t.

Our policy comparison table roughly prioritizes policy topics in descending order by their degree of potential economic and financial market impacts. As always, we think investors should take a long-term view and avoid the temptation to base their portfolio decisions on unpredictable political winds.

Key Policy Differences:

Tax Policies

One significant difference between the two candidates is their approach to tax policy. Vice President Harris has indicated her desire to raise the top corporate tax rate to 28% from 21%, while former President Trump wants to reduce it to 15%-20% from 21%. On the individual side, Harris plans to raise the income tax rate to pre-2018 levels for individuals earning over $400,000, which could be accomplished by letting tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA)  expire. On the other hand, Trump wants to permanently extend the tax rates established in the TCJA, which would require legislative action.

Trade Policies

Trade policy is another area where the candidates differ. Both candidates have a protectionist tone, but their approach to China varies. Harris would employ tariffs targeted at industry and geopolitical rivals, including Chinese technology products, while Trump has proposed a 60% tariff on all goods from China.

Regulatory Differences

We’re also watching the regulatory environment. Harris plans to raise the federal minimum wage to $15/hour from $7.25, expand student debt relief and expand antitrust initiatives and enforcement. Conversely, Trump wants to cut regulations substantially across the board, reduce barriers and long approval times for mergers and acquisitions, and categorize more civil workers as political appointees rather than employees.

Health Care Policies

Both candidates have indicated they’d like to reduce drug prices. Democrats have said they’d like to expand the number of drugs subject to new Medicare price negotiations and extend the Medicare inflation cap to private-sector drugs. Republicans, on the other hand, want to accelerate efforts to privatize Medicare, reduce payments to hospitals for outpatient care, and reduce Medicaid spending.

Trump vs Harris: Comparing Policies Before the 2024 U.S. Election

Our online policy tracker  is a one-stop, nonpartisan list of the major economic policies from the Trump and Harris campaigns. We will keep this updated as policy positions evolve.