Overall, Vice President Kamala Harris has announced a series of economic proposals aimed at empowering the middle class. Her plans focus on food prices, taxes, housing, and medical costs. In terms of food prices, Harris intends to propose federal limits on price increases for food producers and grocers, as well as increase punishments for violators and crack down on mergers and acquisitions in the food industry.
Housing is another key area of focus for Harris, who is calling for the construction of 3 million new housing units over four years to address the housing shortage in America. She also plans to offer tax incentives for builders of “starter” homes sold to first-time homebuyers, as well as create an innovation fund for businesses building affordable rental housing units. Additionally, Harris aims to speed up the permitting and review processes to get housing stock to the market more quickly and lower rental costs by limiting bulk home investors and curbing price-setting tools used by landlords.
In terms of taxes and medical costs, Harris wants to negotiate with drugmakers to lower the cost of prescription medications, potentially reducing prices by 40% to 80% by 2026. She also aims to increase transparency within pharmaceutical company pricing practices and work with state entities to cancel $7 billion of medical debt for qualifying Americans. Harris is also proposing to make permanent the $3,600 per child tax credit and introduce a $6,000 tax credit for families with newborn children. She plans to expand the Earned Income Tax Credit for frontline workers and reduce taxes on healthcare plans offered through the Affordable Care Act marketplace.
Harris’s proposals come as the Biden administration continues efforts to address economic challenges facing the country. By focusing on key issues such as food prices, housing, taxes, and medical costs, Harris aims to provide relief to the middle class and improve overall economic stability. The vice president’s plans address a wide range of concerns, from inflation worries to housing shortages, and offer potential solutions to these pressing issues. Harris’s focus on empowering the middle class through targeted economic policies reflects her commitment to addressing the needs of everyday Americans.
As Harris unveils her first major policy proposals since President Biden endorsed her as his running mate, the vice president is positioning herself as a champion for the middle class. Her plans to address food prices, housing shortages, taxes, and medical costs demonstrate a comprehensive approach to economic challenges facing the country. With a focus on affordability, accessibility, and empowerment, Harris’s proposals offer a roadmap for economic recovery and growth that prioritizes the needs of working families and individuals. Through these initiatives, Harris aims to create a more inclusive and equitable economy that benefits all Americans.
