There are less than two months remaining to the 2024 US Presidential election. Both teams are currently at the peak of their campaign activities, aiming to win in the November 5th polls.
With incumbent President Joe Biden having dropped out of the race in favor of his deputy, Kamala Harris, the new Democratic Party candidate, a few issues have emerged.
Is Kamala Harris the right successor to President Joe Biden and the next President of the United States, or is it former President Trump?
At this time, the latest opinion polls show that it could be a close election. The candidates are closely competing in the swing states, making it difficult to predict with certainty who will win. However, here is the main reason why Trump supporters like Elon Musk believe their candidate must win and are determined to ensure his victory in this election.
The Economy and Cost of Living in the US
Many middle and lower class Americans are feeling the pinch of tough economic times.
President Trump’s running mate and Ohio Senator JD Vance, criticized Harris after the presidential debate for repeatedly failing to articulate how she planned to solve the economic crisis.
Vance says Harris’ campaign and agenda is filled with platitudes with no focus on governance and key issues; for example, people being unable to afford groceries and housing.
The 2024 Trump campaign has promised various tax measures that, if implemented, could stimulate economic growth and significantly reduce the cost of living for U.S. citizens. These include:
- Reducing Corporate Tax from 21% to 15% for local manufacturers. Aimed at promoting investment and creating job opportunities.
- Removing tax on social security benefits for senior citizens.
- Removing tax on tips and income earned from working overtime.
- Extension of the Tax Cuts and Jobs Act (TCJA) after 2025 expiration.
- Removing the cap on state and local tax (SALT) deductions, previously set at $10,000.
Tarrifs
To offset the potential federal deficit that will result from these proposed tax cuts and measures:
- Trump pledges to impose a 10% across-board tariff on all goods imported into the United States.
- Trump also proposes a 60% tariff on all Chinese goods.
Mr. Trump has also promised to make efficient, various regulatory processes touching on key economic activities. This is aimed at enhancing innovation and manufacturing, as well as promoting growth of emerging industries like space exploration. In his pledge, Trump promises to appoint a regulatory efficiency commission led by Elon Musk.
Elon on his X handle has posted about his acceptance of such nomination. Musk says that processing regulatory approval paperwork should not take longer than it takes to build a rocket. Many influential Americans seem to agree and share in this idea. Arguably, Trump is the best candidate in the 2024 US elections despite polls painting a different picture at this time.
“Trump/Vance MUST win. I can’t handle four years of seeing and hearing Kamala/Walz. That would be cruel and unusual punishment!“
— Elon Musk on X, October 2, 2024.
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