Harris’s economic agenda includes measures to alleviate financial stress on families, such as substantial tax cuts for those with children, expanded access to government-subsidized healthcare, and support for first-time homebuyers.Notably, her plan proposes the first federal ban on “price-gouging,” targeting food companies that inflate prices unfairly and imposing penalties on offenders.
This announcement follows a recent White House initiative to negotiate lower medication prices for retirees, demonstrating Harris’s dedication to economic relief. As she prepares to campaign for the presidency, Harris aims to differentiate herself from President Joe Biden’s economic policies, which have faced criticism despite positive trends in inflation and job growth.
Harris in her campaign launch pledged to establish clear regulations to prevent large corporations from exploiting consumers. She also plans to empower the Federal Trade Commission and state attorneys general with new authority to investigate and penalize companies that violate these regulations, focusing on grocery industry monopolies.
The economy remains a top priority for voters in the upcoming election, and former President Donald Trump’s campaign has criticised Harris for not addressing high prices during her tenure as vice president. Trump’s campaign compared Harris’s policy proposals to those of socialist regimes, accusing her of embracing a “third-world” approach.
Meanwhile Trump through his Truth social account shared a TikTok video saying, “This is the cost of food—it is time to stop the disaster, vote Trump!”
“These bold actions will address some of the sharpest pain points American families are confronting and bolster their financial security,” Harris’s campaign said, highlighting her commitment to economic stability for the average American.
Harris’s populist approach includes proposals to eliminate taxes on restaurant workers’ tips and promote economic opportunities for working families. Her vision contrasts with Trump’s economic policies, which she argues favor the wealthy and could increase consumer costs through proposed tariffs on global imports.
Reducing grocery costs through anti-gouging measures
Harris’s plan to lower grocery prices involves working with Congress to ban “price gouging,” preventing sellers from excessively pricing their products. If enacted, this would be the first federal ban of its kind in the United States.
Her proposals align with key elements of Biden’s economic agenda, such as eliminating “junk fees” that mislead consumers and maintaining the president’s commitment not to raise taxes on individuals earning less than $400,000.
As the Democratic National Convention approaches, Harris’s plan is designed to energize her campaign and position her as a proponent of economic reform, appealing to voters seeking solutions to financial challenges. Her proposals aim to transform the economic landscape and provide relief to Americans dealing with the lasting impacts of the pandemic and economic uncertainty.
Addressing housing affordability
Harris committed to addressing the housing shortage by promising the construction of 3 million new homes within four years. Her campaign plans to offer unprecedented tax incentives for building starter homes and affordable rental housing while reducing bureaucratic obstacles.
She also proposed an average $25,000 down payment support for first-time homeowners, with a focus on first-generation buyers. Additionally, Harris plans to establish a new federal fund to boost housing construction, with a $40 billion innovation fund that doubles the current allocation and supports innovative construction financing.
Child-rearing support
Harris’s campaign is centered on expanding the Child Tax Credit, offering middle- and lower-income families up to $6,000 in tax breaks for their children’s first year. She also aims to restore the extended Child Tax Credit from the American Rescue Plan, providing up to $3,600 per child.
For individuals without children, Harris proposes expanding the Earned Income Tax Credit to benefit lower-income workers, potentially reducing their taxes by up to $1,500.
Reducing prescription drug costs
Harris plans to collaborate with her vice-presidential pick, Minnesota Governor Tim Walz, to encourage states to cancel medical debt for millions and prevent future debt accumulation. Her initiatives include capping insulin costs at $35 and out-of-pocket prescription drug expenses at $2,000 for everyone, while accelerating Medicare negotiations over drug prices.