16 Economic Policy Changes Kamala Harris Would Implement If Elected

Democratic nominee, Vice President Kamala Harris, has outlined her “opportunity economy” throughout her campaign.

The economy has consistently been ranked as a top concern for voters in upcoming elections. A recent Gallup poll showed that 43% of people cited economic issues as their biggest concern, compared to 36% when asked in April. Inflation and the federal debt are among the economic issues of most concern to voters.

Both candidates have made the economy a major part of their rhetoric to voters. Here are the policies Harris said she would implement if elected president.

Harris economic plan

Taxes

• Harris plans to cut taxes, including expanding the child tax credit. This would provide a $6,000 tax credit to new parents during their child’s first year of life and increase the $2,000 tax benefit per child to $3,600. The Vice President also proposed tripling the earned income tax credit for workers who are not raising a child in their home.
• Americans earning less than $100,000 will continue to pay no taxes on long-term capital gains, and households earning $1 million or more will continue to pay the maximum tax of 20%. Previously, Harris outlined a plan to increase the long-term capital gains tax rate for those earning $1 million or more to 28%.
• The Harris administration will quadruple the tax rate on corporate stock buybacks.

Housing

• As president, Harris said her administration would increase housing supply by cutting red tape, providing assistance to builders, and implementing the Neighborhood Homes Tax Credit, which encourages the construction or rehabilitation of more than 400,000 single-family, owner-occupied homes in low-lying areas. Income Communities Harris also proposed lowering taxes to encourage homebuilders to build affordable homes.
• Harris said it will provide first-time homebuyers with $25,000 down payment assistance.
• To help bring down rental prices, it also said it would take on landlords who use algorithmic price-setting and investors who buy homes and mark them up in bulk. Harris proposed expanding the Low Income Housing Tax Credit (LITHC), which incentivizes the construction of rental housing for low-income families.

Reduce costs for families

• To reduce the cost of goods for families, Harris said she would create a broad supply chain to prevent disruptions and call for a federal ban on grocery and drug price gouging.
• Harris also said she would lower the cost of child care and elder care. This will include giving more workers easy access to paid leave to make it easier for workers to fulfill their carer obligations.
• The idea of ​​medical care covering the costs of home care services was also proposed. This move could benefit the elderly and the “sandwich generation” who take care of their parents and children.
• Her plan also includes expanding prescription drug savings and accelerating Medicare prescription drug negotiations, which began under the Biden administration.

Business and industry

• In order to reach her goal of 25 million new small business filings by the end of her first term, her administration will increase the tax deduction for startup costs tenfold to $50,000. She also said her administration would offer more low- and no-interest loans. Her administration will also set aside a third of federal contracts for small businesses, making it easier for businesses to file taxes and simplifying professional licensing requirements.
• Harris said she will expand the State Small Business Credit Initiative (SSBCI) to provide more financing to rural businesses.
• Harris has proposed raising the minimum wage, including ending the minimum wage for workers and people with disabilities and eliminating taxes on tips.
• It also promised to help boost the employment of Americans without college degrees by eliminating unnecessary degree requirements for federal jobs.
• Her administration will offer tax breaks to companies that employ union workers. They will also invest in steel and iron manufacturing and agricultural towns by retooling existing factories, hiring locally, and working with unions.
• Investing in clean energy companies and making it easier for them to complete projects.