Exchanges What will the US presidential election mean for the economy?
5 snips
Oct 29, 2024 
Jared Bernstein, the current Chairman of the Council of Economic Advisers under President Biden, and Kevin Hassett, the former Chairman under President Trump, engage in a lively debate on economic policy. They tackle the implications of corporate tax hikes, exploring how raising rates could impact growth and investment. Bernstein highlights the benefits of expanding child tax credits in reducing poverty, while both reflect on the challenges of tariffs in U.S.-China relations. Their insights reveal stark contrasts in vision while acknowledging common economic concerns.
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Reciprocal Tariff Act
- Hassett supports a Reciprocal Tariff Act to address trade imbalances.
- This act would adjust U.S. tariffs to match those imposed on U.S. exports by other countries.
Bernstein's View on Tariffs
- Jared Bernstein supports targeted tariffs to counter unfair trade practices, particularly from China.
- He cautions against sweeping tariffs, which hurt consumers and domestic producers.
Corporate Tax Rates (Bernstein)
- The Biden administration proposes raising the corporate tax rate to 28%.
- They believe this increase will generate revenue while still allowing robust investment.