16 Economic Policy Changes Kamala Harris Would Implement If Elected

The Democratic candidate, Vice President Kamala Harris, has outlined her “opportunity economy” throughout her campaign.

The economy has consistently ranked as the top concern for voters in the upcoming election. A recent Gallup poll showed that 43% of people cited economic issues as their top concern, up from 36% when asked in April. Inflation and the federal debt are among the most concerning economic issues to voters.

Both candidates have made the economy a major part of their pitch to voters. Here’s what policies Harris said she would implement if elected as president.

Harris’ Economic Plan

Taxes

• Harris plans to cut taxes, including expanding the Child Tax Credit. This will provide a $6,000 tax break for new parents during the first year of their child’s life and increase the $2,000-per-child tax benefit to up to $3,600. The vice president also proposed tripling the Earned Income Tax Credit for workers who aren’t raising a child in their home.
• Americans who make below $100,000 will continue to pay no taxes on long-term capital gains, and families earning $1 million or more will continue to pay the maximum rate of 20%. Previously, Harris outlined a plan to increase the tax rate on long-term capital gains for those who make $1 million or more to 28%.
• The Harris administration would quadruple the tax rate on corporate stock buybacks.

Housing

• As president, Harris said her administration would increase the housing supply by cutting red tape, offering assistance to builders, and implementing the Neighborhood Homes Tax Credit, which promotes the construction or rehabilitation of over 400,000 single-family, owner-occupied houses in lower-income communities. Harris also proposed a tax cut to encourage homebuilders to build affordable homes.
• Harris said she would provide first-time home buyers with $25,000 down payment assistance.
• To help decrease rental pricing, she also said she would take on landlords who utilize algorithmic price fixing and investors who buy and mark up homes in bulk. Harris proposed expanding the Low-Income Housing Tax Credit (LITHC), which incentivizes building rental housing for low-income families.

Reducing Costs For Families

• To reduce the cost of goods for families, Harris said she would create a broad-based supply chain to prevent disruptions and call for a federal ban on price gouging on groceries and prescription drugs.
• Harris also said she would cut the cost of childcare and eldercare. This would include giving more working people easier access to paid leave to make it easier for workers to meet their caregiver obligations.
• She also floated the idea of Medicare covering the costs of in-home care services. This move could benefit elderly people and the “sandwich generation” that is taking care of their parents and their children.
• Her plan also includes expanding prescription drug savings and accelerating Medicare prescription drug negotiations, which were started under the Biden administration.

Businesses and Industry

• In order to reach her goal of 25 million new small business applications by the end of her first term, her administration will increase the tax deduction for startup costs tenfold to $50,000. She also said her administration would offer more low and no-interest loans. Her administration will also allocate one-third of federal contracts to small businesses, make it easier for businesses to file taxes and simplify occupational licensing requirements.
• Harris said she would expand the State Small Business Credit Initiative (SSBCI) to provide more financing to rural businesses.
• Harris proposed raising the minimum wage, including ending the sub-minimum wage for tipped workers and people with disabilities and eliminating taxes on tips.
• She also promised to help promote the hiring of Americans without college degrees by eliminating unnecessary degree requirements in federal jobs.
• Her administration would offer tax credits to companies that employ union workers. They will also invest in steel and iron manufacturing and agriculture towns by retooling existing factories, hiring locally and working with unions.
• Invest in clean energy businesses and make it easier for them to complete projects.