Trump Just Scored HUGE Victory Over Harris - She Can't Recover
Former President Donald Trump has unveiled a proposal aimed at securing a greater share of middle-class workers’ votes.
During a rally in Arizona on Thursday, Trump stated that if re-elected, he would lead an initiative to eliminate taxes on overtime pay, according to The Daily Wire.
“As part of our additional tax cuts, we will end all taxes on overtime,” he announced while standing before a sign that read “No Tax On Tips.”
“It’s time for the working man and woman to finally catch a break,” he added. “I believe this will be great for the country. That’s why we will declare that if you’re working overtime beyond 40 hours a week, just think, your overtime hours will be tax-free.”
“The people who work overtime are among the most hardworking citizens in our country, and for too long, no one in Washington has truly been advocating for them,” Trump continued. “These are the individuals who really get things done. They are police officers, nurses, factory workers, construction workers, truck drivers, and machine operators.”
Meanwhile, Vice President Kamala Harris’ campaign, which previously adopted a no-tax-on-tips stance, criticized the former president, referring to him as a “snake oil salesman.”
“No matter how much he deceives now, Donald Trump’s record and agenda are clear—as president, he stole millions of dollars in wages from the very workers he claims to support,” said campaign spokesperson Joseph Costello.
On the issue of taxes, the Democratic nominee has proposed policies that could negatively impact the U.S. economy, according to investor and “Shark Tank” star Kevin O’Leary.
O’Leary, the chairman of O’Leary Ventures, said the vice president’s tax plan could create “multiple effects” for businesses and ordinary Americans, as reported by Fox Business.
“Taxes will increase under their proposals,” he explained on Thursday’s episode of “The Big Money Show,” adding, “she’s acknowledging it, not denying it.”
“That’s a debate we see every election cycle: the classic call for the rich to ‘pay their fair share,’” he said. “But the real concern for the economy is not just individual taxes, but corporate tax rates. At her proposed 28%, the U.S. would find itself in a less competitive position globally.”
Harris has also promised a $50,000 tax break for startup small businesses, but O’Leary warned that the higher corporate tax rates might prompt businesses and investments to leave the country.
“Last time we did something similar, we saw headquarters relocating to places like Ireland and other lower-tax regions,” he cautioned. “That’s something neither party should repeat. It’s a huge mistake.”
“Currently, we’re in the middle among G7 and G20 nations in terms of tax competitiveness. But if we suddenly start imposing a 28% corporate tax rate, plus additional state taxes, we’ll find ourselves in the 30% range, and that’s just no longer competitive,” O’Leary said.
“That’s, to me, the worst possible outcome, and I’m very concerned about it,” he concluded.
Regardless of who wins the election, O’Leary expressed that the uncertainty surrounding policy is troubling for business owners.
“This is shaping up to be a policy-lite election. I’m disappointed that Harris isn’t offering more concrete details, especially regarding taxes, specifically corporate taxes. We need that information, and so does everyone else,” he said.
“Let’s remember, the U.S. is the No. 1 economy in the world... 50% of global capital is invested here,” O’Leary emphasized. “We don’t want to make any moves that would jeopardize that.”