Kamala Harris Unveils Economic Plan: Tax Cuts, Housing Boosts, and Price Gouging Ban

In her first economic speech as the Democratic presidential contender, Kamala Harris proposed tax cuts for the majority of Americans, a ban on “price gouging” by supermarkets, and increased affordable housing.

The US vice president visited Raleigh, North Carolina, to plan her first 100 days in office. She pledged to implement a $6,000 child tax credit for families with infants, lower taxes for families with children, and reduce prescription drug costs.

Kamala Harris reminded supporters in the state that the United States’ economy was the strongest in the world, but prices remained too high. She stated that she would focus on the middle class from the White House.

“I will be laser-focussed on creating opportunities for the middle class,” she told reporters. “Together we will build what I call an opportunity economy.”

Kamala Harris hopes to contrast with Republican opponent Donald Trump on tariffs and taxation, according to aides. The election is on November 5. Her strategy may face opposition from corporations and Congress, which previously rejected similar proposals from President Joe Biden.

Kamala Harris’s Plan to Combat Price Gouging and Support Affordable Housing

Kamala Harris‘ economic strategy is largely similar to Biden’s, but it includes some additional homebuying incentives and attempts to reduce excessive commodity prices.

Democrats hope to appeal to a large part of the working population, who frequently regard Republicans as better fiscal stewards and are concerned about both rising costs and their economic prospects.

Republicans and several industry groups have criticised some of her measures, notably those related to housing and groceries, as ill-considered and too liberal populism.

Harris’ plan includes a federal ban on price gouging in food and grocery, which her campaign claims will prevent large firms from unfairly exploiting consumers while creating excessive corporate profits.

As president, she will instruct the Federal Trade Commission to enforce “harsh penalties” on companies that violate new price-gouging limitations, according to campaign officials.

Although progressive economic ideals are popular among people, enacting them has been challenging. The majority of Harris’ and Trump’s economic initiatives require congressional majority backing. This year, a bill to provide a child tax credit passed the House but failed to clear the Senate.

Her plan includes 3 million new construction units, a slew of tax breaks and other incentives to encourage first-time homebuyers to purchase homes, as well as a $25,000 credit for them. Kamala Harris also wants to increase rental assistance, prohibit rental price fixing, and prevent Wall Street businesses from buying properties in bulk.

Kamala Harris’s Focus on Middle-Class Opportunities and Healthcare Cost Reductions

Harris aims to reduce healthcare costs, eliminate medical debt, and emphasise the Biden-Harris administration’s successful negotiation of 79% price reductions for 10 top-selling prescription medications utilised by Medicare.

Harris’ campaign intends to contrast Trump’s tax cuts with Biden’s commitment not to raise taxes on those earning $400,000 or less per year. Trump has reduced corporate tax rates from 35% to 21% and instituted other tax benefits that will expire next year.

Trump has promised to make the tax cuts permanent and has proposed hefty taxes on all imports, which Kamala Harris opposes.