Trump to Address Same NY Econ Group JFK Pitched His Tax-Cut Plan to in 60s, As Harris Proposes Tax Increases

History of the Economic Club of New York

President Donald Trump is scheduled to address the Economic Club of New York on Wednesday, the same group that heard then-presidential candidate John F. Kennedy pitch his tax-cut plan in 1962.

The Economic Club of New York is a non-profit, non-partisan organization founded in 1907. The club hosts weekly luncheons featuring speakers from the worlds of business, government, and academia.

Past speakers at the Economic Club of New York have included every U.S. president since Dwight D. Eisenhower.

Trump's Speech

Trump is expected to use his speech to tout the benefits of the Tax Cuts and Jobs Act, which he signed into law in December 2017.

The Tax Cuts and Jobs Act reduced taxes for businesses and individuals. According to the Tax Foundation, the law will reduce the federal deficit by $1.5 trillion over the next decade.

However, critics of the Tax Cuts and Jobs Act argue that the law will primarily benefit wealthy individuals and corporations.

Harris's Plan

On the same day that Trump is addressing the Economic Club of New York, Sen. Kamala Harris (D-Calif.) is scheduled to release a plan to increase taxes on corporations and high-income individuals.

Harris's plan would raise taxes on corporations by 7%, increase the top marginal income tax rate from 37% to 44%, and create a new wealth tax on households with a net worth of more than $50 million.

Harris argues that her plan is necessary to reduce income inequality and fund important social programs.

Contrasting Plans

Trump's and Harris's tax plans represent two very different approaches to taxation.

Trump's plan focuses on reducing taxes for businesses and individuals, while Harris's plan focuses on increasing taxes on corporations and high-income individuals.

It remains to be seen which approach will be more popular with voters.