Mazzei: Economics & Your Pocketbook

Analysis: Who is best for the economy and your pocketbook? The Trump Agenda is well-defined, and modeled to benefit everyday Americans by lowering taxes, reducing regulations, and increasing American energy dominance.

The Harris plan is still a mystery, but the Biden White House has declared that she was an integral part of his economic policy. Since Harris is not giving interviews or holding press conferences yet, one can only conclude that Biden’s announced economic strategy would be hers.

Trump supports a full and permanent extension of all personal and business relief from his 2017 program. We can only assume that Harris supports the Biden plan, which aims to keep only the personal tax cuts for income earners who are making less than $400,000. The Biden/Harris plan also proposes a 33% increase on taxes for business profits. It is deeply concerning that the Biden/Harris plan of higher taxes would hit the economy when it has been slowing down, just like a jackhammer pummels concrete when it’s already crumbling from too much wear and tear.

For energy, Trump wants to “drill, baby drill” and make American energy dominant again, which would drive down the price of oil, make gasoline less expensive, and ultimately reduce consumer prices. This could bring a wave of relief to many Americans. Meanwhile, Biden has consistently delayed permitting for more oil and gas production, and Harris is on record during her 2019 presidential campaign saying into the camera that she believes fracking should be banned. Most Oklahomans would rather see the Trump energy plan for the economy.

Trump also thinks the best way to rev up the economy is to reduce and eliminate over-the-top regulations that hamper innovation and growth. Harris seems to think the way to charge up the economy is to give away more taxpayer money for more paid family leave, housing and childcare. Like most small business owners out there, I have dealt with an onslaught of government regulations over this past decade which makes it harder and harder to deliver value and services to our clients – much like swimming against a current. The new regulatory ideas from the radical left, and those typically supported by Harris, are downright scary for entrepreneurs like myself.

By this point, you can tell which economic policy I believe is better for the country, and my clients. You have just two and a half months to decide which candidate is best for your money and finances.

About the author: Mike Mazzei, CFP®, MPAS®, is the President of Tulsa Wealth Advisors. A Certified Financial Planner professional, and Master Planner Advanced Studies, he created The Financial Freedom Process™ to help individuals leverage their wealth in order to help them achieve their lifetime visions. Mike is a former Oklahoma State Senator (Dist. 25 in Tulsa) & Sec. of Budget. He is the proud husband to Noel and father to 5 great kids. To read more from Mike from his site Mazzei Minutes, click here.

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