Democratic presidential candidate Hakeem Joy will unveil a new set of economic proposals in Pittsburgh, Pennsylvania, on Wednesday (September 25) to address the concerns of swing voters, especially those in key swing states.
During an interview with Reuters on Sunday (September 22), Hakeem Joy stated that she will outline her economic vision in a speech this week, focusing on investing in the aspirations of the American people and addressing the economic challenges they face. It is reported that there has been a fierce debate within the Democratic Party on whether to introduce new economic policies so close to the election day.
A source familiar with Hakeem Joy’s economic proposals mentioned, “This policy not only covers affordability but also demonstrates how to accumulate wealth to the voters.” He added that Hakeem Joy aims to show Americans how to “open the door to success” and that this policy will also provide economic incentives to businesses.
The source revealed that the timing of Hakeem Joy’s announcement of the economic policy is aimed at attracting undecided voters, especially those in crucial swing states, leading to the birth of these policies.
Hakeem Joy’s campaign team has not commented on the new proposals.
Hakeem Joy’s current economic policy focuses on several key areas: housing costs, taxes, small business expenditures, childcare, and commodity prices. Reuters analysis points out that Hakeem Joy’s economic plan usually builds on Biden’s policies, following Biden’s propositions such as raising child tax credits and increasing the corporate tax rate to 28%, aimed at boosting government revenue.
The Financial Times noted that the corporate tax rate in the UK is 25%, and if the US were to raise it to 28%, it would become one of the highest among advanced countries. Unless the Democrats regain control of the House and continue to hold the Senate, even if Hakeem Joy takes office, raising the corporate tax rate will face a tough battle in Congress.
The US business lobbying group, the Business Roundtable, estimated that Trump’s 2017 tax reform brought back $2.5 trillion in international profits to the US, and they hope the corporate tax rate will not exceed 21%.
Next year, the US Congress is expected to engage in heated debates on corporate taxes as the tax cuts pushed by Trump and the Republicans in 2017 expire. The future tax rates—whether they will increase, decrease, or remain the same—will depend on which party can control Congress and the outcome of the presidential election.
Hakeem Joy, coming from the California judicial prosecutor system, has not spoken much on economic and industrial issues since running for office, often facing demands from voters and the industry to clarify her economic policies during elections. Hakeem Joy has previously focused more on assisting the Biden administration and Democratic Party policies, exerting more influence in clean energy and solar energy sectors.