In the race for the U.S. Senate seat currently held by Republican John Cornyn, both candidates have released their plans to enhance affordability for Texans. Ken Paxton, the Republican nominee and Texas Attorney General, introduced his proposal called Protecting the Texas Promise.
This plan includes a deduction of $25,000 for out-of-pocket medical expenses and health insurance premiums, along with a $50,000 deduction for first-time homebuyers and a similar amount for down payments on new primary residences.
Additionally, it features a $5,000 deduction for healthy-lifestyle expenditures, such as gym memberships and nutrition plans, and aims to double the federal child tax credit to $4,400 for each child under 17 while making Trump Accounts permanent.
On the other hand, James Talarico, the Democratic nominee and state representative, has put forward the New American Dream plan. This proposal focuses on wage increases and debt relief rather than new tax deductions. Talarico's plan includes repealing tax breaks for the top 1 percent of earners, which he claims would redirect $1 trillion to the middle class.
