Kamala Harris unveils economic plan with tax cuts and housing focus

Vice President Kamala Harris is set to present a comprehensive economic plan during a major policy speech in Raleigh, North Carolina, on Friday.

According to a report on Reuters, the speech marks her first significant focus on the economy as a Democratic presidential candidate. Harris will outline a series of proposals aimed at providing tax relief for most Americans, curbing "price gouging" by grocery chains, and expanding affordable housing.

Key elements of her agenda include a proposal to increase the child tax credit to $6,000 for families with newborns, reduce taxes for families with children, and lower prescription drug costs, according to her campaign. Harris aims to distinguish herself from her November 5 election opponent, former President Donald Trump, particularly on tariffs and tax policies.

While her economic platform echoes many initiatives from the Biden administration, Harris introduces new measures, including homebuying incentives and price controls on essential goods. The campaign seeks to appeal to working-class voters, who often perceive Republicans as stronger on economic issues but remain concerned about inflation and their financial futures.

Some of Harris' proposals have drawn criticism from Republicans and industry groups, who label them as overly populist. Despite inflation dropping below 3% for the first time in over three years, grocery and consumer goods prices remain elevated.

Harris' agenda faces significant hurdles in Congress, where previous attempts to pass similar measures have stalled. Her campaign intends to avoid delving into divisive issues or drawing attacks from business interests by maintaining "strategic ambiguity" on certain policies, such as energy.

Notably, Harris has distanced herself from more progressive positions she advocated during her 2020 presidential campaign, such as a fracking ban and Medicare for All.

Among her new proposals are the first federal ban on price gouging in food and groceries and stringent penalties for companies that violate these rules, to be enforced by the Federal Trade Commission. She will also propose building 3 million new housing units, offering a $25,000 credit to first-time homebuyers, expanding rental assistance, and curbing large-scale home purchases by Wall Street firms.

Harris will also underscore her commitment to lowering healthcare costs, canceling medical debt, and continuing efforts to reduce prescription drug prices under Medicare. She will contrast her tax and tariff policies with those of Trump, reiterating her stance against raising taxes for individuals earning $400,000 or less per year, while opposing Trump's proposed across-the-board tariffs on imports. Trump's campaign has sought to link Harris closely to President Biden's economic record.

[Information sourced from Reuters]