In the race for the U.S. Senate seat currently held by Republican John Cornyn, both nominees have introduced their affordability plans ahead of the Nov. 3 election. Ken Paxton, the Republican candidate and Texas Attorney General, released his proposal titled Protecting the Texas Promise, while James Talarico, the Democratic nominee and state representative, presented his plan called the New American Dream.
Paxton's plan includes several tax deductions: a $25,000 deduction for out-of-pocket medical expenses and health insurance premiums, a $50,000 deduction for first-time homebuyers, and another $50,000 deduction for down payments on new primary residences. Additionally, he proposes a $5,000 deduction for healthy lifestyle expenses, which encompasses gym memberships and nutrition plans.
His plan also aims to increase the federal child tax credit to $4,400 for each child under 17 and make permanent the tax-deferred investment accounts for children, known as Trump Accounts.
On the other hand, Talarico's strategy focuses on wage increases and debt relief. He plans to eliminate tax breaks for the wealthiest 1 percent, which he argues would redirect $1 trillion to the middle class. His proposals include universal childcare, raising the minimum wage, expanding overtime pay, canceling medical debt, and revitalizing labor unions.
