Tonight's highly anticipated presidential debate (airing 9 p.m. ET on ABC) will mark the first time Vice President Kamala Harris AND former president Donald Trump meet face to face to argue policy. While there is always an element of unpredictability in the content and tone of these events, everyone can count on plenty of pointed questions and conversations about the state of the US economy.
Ben Werschkul, Washington correspondent for Yahoo! finances writes that Trump is likely to bring up his favorite nickname “Friend Kamala” and accuse the VP of being anti-business. Harris, Werschkul says, is certain to blow up Trump's tariff plan and send prices through the roof.
Related: This election season full of deep fakes – Here's how to find out the truth
Here's a rundown of the main topics that fall under the economics umbrella, and what each candidate's stated position is:
Small Business
- Harris: Increase the initial tax credit from $5,000 to $50,000
- Trump: Promises to cut regulations
Expiring 2017 tax cuts
- Harris: It would allow all tax cuts to expire in 2025, except for households making less than $400,000
- Trump: It will extend all tax cuts for 2017
Corporation tax rate
- Harris: WILL increases from 21% to 28%
- Trump: It will decrease from 21% to 15%
Other tax matters
- Harris: Will eliminate federal income tax on tips; increasing the capital gains rate from 20% to 28%; impose a new tax on unrealized capital gains of $100 million or more
- Trump: It will eliminate the federal income tax on tips and Social Security income
Trade Regulations
- Harris: Will continue to restrict high-tech exports to China and maintain 100% tariffs on Chinese electric vehicles
- Trump: Have a 10% to 20% tariff on most imports and a 60% tariff on imports from China
Related: Entrepreneur asked readers which candidate is best for small business. Here are the results.
Housing market
- Harris: Establish a $25,000 subsidy for first-time home buyers and create incentives to build 3 million new homes
- Trump: Vows to pressure the Federal Reserve to lower interest rates and open up federal land to development
Federal Minimum Wage
- Harris: It will raise it from $7.25 an hour to $15
- Trump: It won't make any difference