Senate candidates Ken Paxton and James Talarico propose different plans to help Texans with affordability

With less than three months to go before the November election, Republican Ken Paxton and Democrat James Talarico introduced their economic agendas while campaigning in North Texas last week. 

It comes as the Texas Senate race remains tight, with various recent statewide polls showing Talarico with a small lead over Paxton. The RealClearPolitics average of polls between June 3 and July 30 shows Talarico ahead by 1.6 percentage points. 

Paxton's "Protecting the Texas Promise"

Paxton supporters gathered in Allen as he discussed his plan, called "Protecting the Texas Promise."

He proposed an annual $25,000 deduction on federal taxes for all out-of-pocket medical expenses.

He's also called for a $50,000 tax deduction for first-time homebuyers and a subsequent $50,000 down payment deduction for people who move into a new primary residence.

His plan also includes a $5,000 tax deduction for expenses related to a healthy lifestyle, such as gym memberships and GLP-1 medications.

Paxton also wants to double the child tax credit to $4,400 per child under 17 and make the Trump Accounts for children permanent.

Paxton has previously said reducing federal spending is among his top priorities.

Asked how much his proposals would cost and how he would pay for them, Paxton told CBS News Texas, "Let me be clear. My number one idea is the Save America Act that has to be passed to protect elections. As far as tax cuts, I've never believed that tax cuts necessarily mean you have less in the treasury because often, if people are able to keep more of their money, they spend it and it runs through the economy."

Talarico's "New American Dream"

Talarico supporters gathered in Arlington for what he called a major policy speech, in which he outlined his vision for the "New American Dream."

"I'll fight to unrig this economy," Talarico said. "I'll fight to raise your pay. I'll fight to lower your costs. And unlike Ken Paxton, I'll fight to keep your hard-earned money where it belongs, in your pocket."

Talarico blamed billionaires for the affordability crisis and said he wants to rebuild labor unions, cancel medical debt, and stop hospitals and insurance companies from overcharging patients.

He also proposed increasing pay for workers.

"It's time to raise the minimum wage and expand overtime pay so workers can actually share in the wealth they create," he said. "It's time to repeal the Big Ugly Bill's tax breaks for the top 1% and give that $1 trillion to the middle class in the form of a cost-of-living tax cut."

Following his speech, Talarico did not take questions from reporters about his proposals.