Vice President Kamala Harris is introducing a wide-ranging set of economic proposals that aim to provide new tax breaks and reduce the cost of living for Americans. She will unveil her plans in North Carolina, a battleground state, which includes a proposition for a federal ban on grocery price gouging. Additionally, Harris is suggesting offering $25,000 in down payment assistance for specific first-time homebuyers and tax incentives for the construction of starter homes, among other measures.
The proposed tax breaks by Harris are intended for families, middle- and lower-income individuals. She plans to expand the child tax credit to a maximum of $3,600, and $6,000 for infants in their first year. Harris is also looking to extend the earned income tax credit to include lower-income workers without children, potentially reducing their effective tax rate by $1,500. Furthermore, she aims to lower health insurance premiums under the Affordable Care Act.
While many of the proposed changes would need approval from Congress, Harris is attempting to counter attacks from Republican Donald Trump, who has labeled her as a “radical California liberal who damaged the economy.” Harris’ proposal comes at a time when food prices are still substantially higher than three years ago, even though year-over-year inflation has dropped to its lowest level in over three years.
Harris’ grocery pricing initiative would empower the Federal Trade Commission to penalize large corporations that engage in price hikes and address the lack of competition in the meat-packing industry driving up meat prices. Polls suggest that a higher percentage of Americans trust Trump over Harris to handle the economy, but the renewed enthusiasm for Democrats could potentially impact the upcoming elections.
North Carolina has been a central focus for both Biden and Harris, with the state being pivotal in recent political campaigns. Harris is striving to solidify her economic agenda while acknowledging the successes of the Biden administration. Biden expressed confidence that Harris would not distance herself from his economic record, as they jointly advocated for lower Medicare drug prices at recent events. Biden endorsed some of Harris’ proposed policies, emphasizing the importance of preventing price gouging by companies.
