In the race for the U.S. Senate seat currently held by Republican John Cornyn, both candidates have released their affordability plans as the Nov. 3 election approaches. Ken Paxton, the Republican nominee and Texas Attorney General, introduced his plan first, followed by Democratic nominee James Talarico, a state representative.
Paxton's proposal, titled Protecting the Texas Promise, includes a $25,000 deduction for medical expenses and health insurance costs, along with an additional $25,000 deduction for each dependent. He also suggests a $50,000 deduction for first-time homebuyers and a similar amount for down payments on new primary residences. Furthermore, his plan features a $5,000 deduction for healthy lifestyle expenses, which encompasses gym memberships and nutrition plans.
Paxton aims to double the child tax credit to $4,400 for children under 17 and make Trump Accounts, tax-deferred investment accounts for children, a permanent fixture.
Conversely, Talarico's New American Dream plan focuses on wages and debt relief rather than tax deductions. He proposes to eliminate tax breaks for the wealthiest 1% and redirect that funding to the middle class, creating what he describes as a cost-of-living tax cut. His agenda includes universal childcare, raising the minimum wage, expanding overtime pay, canceling medical debt, and rebuilding labor unions.
