US presidential candidate, Vice President Kamala Harris, revealed her economic plan on Friday, which will be a priority in her first 100 days in the White House, if she is lucky enough to win the election.
Harris’ plan aims to lower the cost of Americans spending on groceries and prescription drugs, expand affordable housing and cut taxes for the middle class.
According to a report published by the American network “CNBC”, the Harris campaign published a fact sheet about the economic plan, which stated that “the bold measures adopted by Harris will address some of the most severe pain points facing American families and enhance their financial security.”
The plan includes setting “clear rules of the road” so that companies cannot “unfairly exploit consumers to make excessive corporate profits” on staple foods, according to the fact sheet.
Housing and Rent
Harris’ plan would help financially distressed renters by preventing data companies from raising rents and preventing Wall Street investors from buying homes in bulk to resell them at a higher price.
Harris will also call for the United States to build three million new housing units over the next four years, and to facilitate this, she will call for new tax incentives for construction workers who build “first homes.”
Any changes to the tax code require congressional approval, and depend largely on which party controls the House and Senate.
As the supply of primary housing expands, Harris’ plan would provide “working families who have paid their rent on time for two years and are purchasing their first home up to $25,000 in down payment assistance, with more generous support for first-generation homeowners,” according to the fact sheet.
health care costs
Harris will seek to expand the Biden administration’s historic $35 price cap on insulin for Medicare beneficiaries to cover insulin for all Americans, not just seniors.
Like her plans to cut costs for the food industry, Harris’s health care policy relies in part on stricter regulations and aggressive antitrust enforcement.
The plan calls for “tough action against anti-competitive drug companies and abusive practices by drug brokers,” according to Harris’s campaign.
Tax cuts
Restoring expanded child tax credits first introduced during the Covid pandemic is a long-standing goal of the Biden administration, and one that Harris would embrace if elected president.
She would also go further, proposing an expanded tax break of up to $6,000 for families with a newborn.
On Thursday, Harris and Biden appeared together in Maryland to promote an agreement with drug companies to lower the cost of the 10 most expensive prescription drugs under Medicare.
According to the government, the historic negotiations will result in about $6 billion in net savings for Medicare when it officially goes into effect in 2026.
The vice president’s speech comes just two days after Trump delivered his own speech focused on the economy in North Carolina, where Trump launched personal attacks on Harris while blaming her for the high consumer prices that Biden has spent much of his presidency working to reverse.
Last update: August 17, 2024 – 15:28
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2024-08-18 16:45:35