Vice President Kamala Harris outlined her economic platform at Carnegie Mellon University in Pittsburgh, focusing on boosting the middle class and addressing key issues such as lowering grocery and prescription drug prices and tackling the housing crisis. Harris proposed a $50,000 tax deduction for new small businesses, emphasizing the goal of 25 million new small business applications in the first two years of her potential term.
In terms of grocery prices, Harris pledged to work on passing a national ban on price gouging for food within her first 100 days in office, while also addressing mergers and price-fixing in the meat supply chain. She also plans to provide $25,000 in down payment assistance for first-time home buyers, create three million new housing units, and offer tax credits for developers building starter homes.
Harris aims to expand the child tax credit, provide tax breaks through the Earned Income Tax Credit, and restore pandemic-related tax credits for middle and lower-class families. She also plans to cap out-of-pocket expenses on prescription drugs, particularly insulin, and address anti-competitive practices in the pharmaceutical industry that result in higher prices.
Furthermore, Harris has endorsed eliminating taxes on tips for hospitality and service workers, with certain limitations in place to prevent misuse. She also intends to work with states to cancel medical debt for Americans and reduce health insurance premiums through expanded subsidies for Affordable Care Act plans.
While Harris’ economic policies largely align with President Biden’s agenda, she has proposed some modifications, including a more aggressive approach to issues like price gouging and housing shortages. Polls suggest that voters are increasingly trusting Harris on economic matters, with her proposals aimed at appealing to a wide range of voters concerned about the economy.
Despite criticism over the vagueness of some of her proposals, Harris continues to highlight her commitment to supporting and strengthening the middle class. She has emphasized her belief in free and fair markets while distancing herself from labels like communism. Harris has pledged to uphold the independence of the Federal Reserve and maintains a capitalist stance on economic issues.
Looking ahead, Harris is expected to further discuss her economic agenda in interviews and speeches, including proposals related to manufacturing, lowering costs, and innovation. With the economy remaining a top priority for voters, Harris’s policies are crucial in shaping her campaign and attracting support as the election approaches.
