In her first major policy announcement as the Democratic Party's presidential nominee, Kamala Harris is likely to outlined proposals to cut taxes for most Americans, ban "price gouging" by supermarkets, and increase affordable housing in the United States of America.
The U.S. vice president, who replaced Joe Biden in a sudden switch-up in July, will present an agenda for her first 100 days in office during her campaign stop in Raleigh, North Carolina. She will advocate for expanding the child tax credit to $6,000 for families with newborns, cutting taxes for families with children, and lowering prescription drug costs, according to Harris campaign officials.
Harris' economic agenda largely mirrors Biden's and sought to appeal to a broad segment of the working public, who often perceive Republicans as better economic stewards and are anxious about rising costs and their economic prospects.
Some of her policies, including those on housing and groceries, have been criticised as poorly thought out and overly liberal populism by Republicans and some industry groups.
Significantly, Trump campaign has also been thinking on the same lines, considering new tax cuts for middle-class households. The former U.S president recently proposed eliminating taxes on tipped wages—a measure Harris also advocated for in Las Vegas last week.
Tweaking Biden's Policies
Kamala Harris is proposing expanded versions of economic policies previously introduced by President Biden, including measures to combat price gouging, boost affordable housing, and provide tax cuts. Her plan features the "first-ever federal ban on price gouging on food and groceries," targeting large corporations that exploit consumers for excessive profits. The Federal Trade Commission would be tasked with imposing severe penalties on firms violating these new rules.
Harris also plans to address the housing crisis by proposing the construction of 3 million new housing units, offering tax incentives, and a $25,000 credit for first-time homebuyers. Additionally, she aims to expand rental assistance, ban rental price-fixing, and prevent Wall Street firms from buying homes in bulk.
On healthcare, Harris intends to lower costs, cancel medical debt, and highlight her administration's success in negotiating price reductions of up to 79% for top-selling prescription drugs under Medicare.
She will contrast her tax and tariff policies with those of Donald Trump, pledging to uphold Biden's commitment not to raise taxes on individuals earning $400,000 or less. While Trump has promised to make his tax cuts permanent and introduce new tariffs on imports, Harris rejects these proposals.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
