As Harris-Walz Release Plan to Boost Domestic Manufacturing and Spur Economic Opportunity, Trump Doubles Down On His Disastrous Plan That Would Devastate U.S. Manufacturing, Raise Costs On Typical Middle-Class Families By Nearly $4,000 A Year.

In response to Vice President Harris’ new proposals to invest in American innovation and entrepreneurship, DNC National Press Secretary ⁨Emilia Rowland⁩ released the following statement:

“Vice President Harris’ plan to invest in American innovation, manufacturing, and entrepreneurship could not stand in starker contrast to Trump’s failed record and second-term Project 2025 agenda to extend his disastrous tax scam that created new incentives for companies to ship jobs overseas and left the middle class behind. While VP Harris has been criss-crossing the country talking to small business owners about her plan to support entrepreneurship, including a ten-fold increase in the tax deduction for starting a small business, Donald Trump and JD Vance are pushing a Project 2025 agenda that would send even more good-paying jobs overseas, cost the US over 3 million jobs, send inflation skyrocketing, and raise costs for typical middle-class families by nearly $4,000 a year while giving handouts to their billionaire buddies. Americans are ready for Vice President Harris to chart a new path forward by creating an opportunity economy that gives everyone a fair shot to succeed – and they’ll reject Trump’s plans to take us backward.”

Today, Vice President Harris laid out her vision for an opportunity economy that would chart a new way forward, driving job creation and economic growth. 

Vice President Harris: “In this election, we have an opportunity to make our middle class the engine of America’s prosperity, build a stronger economy where everyone has a chance to pursue their dreams and aspirations, and ensure the United States continues to out-innovate and out-compete the world.”

Vice President Harris: “We face a choice between two fundamentally different paths for our economy. I want to chart a New Way Forward and grow our middle class. Trump wants to raise taxes on the middle class and give tax cuts to billionaires.”

Vice President Harris: “We will take on bad actors who exploit emergencies and drive up grocery prices by enacting the first-ever federal ban on corporate price gouging.”

Axios: “Over 400 economists and policy experts said in an open letter endorsing Harris on Tuesday that she ‘worked on behalf of American families to lower costs, cut taxes, raise wages, and promote worker organizing.’

“They added that ‘Trump’s proposed policies risk reigniting inflation’ and threaten the ‘global standing and domestic economic stability’ of the U.S.”

Trump’s MAGAnomics tax scam created new incentives for companies to offshore American jobs, and he left office with the worst jobs record of any president in modern American history. 

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Reuters: “How offshoring rolled along under Trump, who vowed to stop it”

The Guardian: “‘He pulled the wool over our eyes’: workers blame Trump for moving jobs overseas” 

“Promises to save US manufacturing and prevent American jobs moving abroad were a key part of Donald Trump’s 2016 campaign. But since Trump took office in January 2017, nearly 200,000 jobs have been moved overseas, based on Trade Adjustment Assistance certified petitions.”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

Politico: “Trump hails ‘manufacturing miracle’ as factories bleed jobs”

Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”

Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”

Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”

Trump has been clear that he would send new, good-paying manufacturing jobs overseas by repealing the Biden-Harris Inflation Reduction Act — which has already helped spur the creation of thousands of jobs – and his Project 2025 plans would cost the U.S. even more jobs, send inflation soaring, and raise taxes on everyone but the wealthy elite.

Axios: “Trump’s inflation bomb: How his second-term plans could make it worse”

Wall Street Journal: “Economists Say Inflation Would Be Worse Under Trump Than Biden”

USA Today: “Under a Trump administration, inflation would rise from 3% this year to 3.5% in 2025, compared to 2.4% under Harris, the Moody’s analysis shows. At the end of a Trump tenure the U.S. would have 3.1 million fewer jobs than under Harris and a 4.5% unemployment rate, a half percentage point higher.”

The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

TaxNotes: “I’ll Scrap IRA Tax Credits on Day 1, Trump Says”

Financial Times: “Donald Trump would gut Joe Biden’s landmark IRA climate law if elected”

Politico: “Donald Trump pledged Thursday to rescind any ‘unspent’ funds under the Inflation Reduction Act should he be elected in November — potentially upending key parts of the Democrats’ climate law and its benefits to Republican-led communities.”

Center for American Progress: “Project 2025’s tax plan includes an ‘intermediate tax reform’ that includes changes to tax brackets and corporate tax cuts that would shift the tax burden toward middle-income households. And the “fundamental tax reform” it proposes would replace all individual income and corporate taxes with consumption taxes.”