Kamala Harris has outlined proposals to cut taxes for most Americans, ban “price gouging” by grocers and build more affordable housing if she wins the White House.
In her first major economy-focused speech as the Democratic presidential nominee, Harris pledged to introduce a new child tax credit for families with infants, cut taxes for families with kids and lower prescription drug costs.
The vice president also called for the construction of three million new housing units over four years and a tax incentive for builders who construct homes for first-time buyers.
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Harris told supporters at a rally in North Carolina, a state she hopes to win in November, that the United States economy was strong but prices were still too high.
She said she would be laser-focused on the middle class as president.
“Together we will build what I call an opportunity economy,” she said.
“Building up the middle class will be a defining goal of my presidency because I strongly believe when the middle class is strong, America is strong.”
Harris is aiming to draw a contrast with her opponent, Republican Donald Trump, on broad economic values, and specifically on tariffs and taxes.
The former president has proposed new across-the-board tariffs on imports, an idea Harris rejects.
“He wants to impose what is in effect a national sales tax on everyday products and basic necessities that we import from other countries,” Harris said. “That will devastate Americans.”
“It will mean higher prices on just about every one of your daily needs: A Trump tax on gas. A Trump tax on food. A Trump tax on clothing. A Trump tax on over-the-counter medication.”
But in a call with reporters on Friday, Trump economic advisers Kevin Hassett and Stephen Moore argued that Harris’ proposals would boost inflation and damage the economy.
A proposal to offer as much as $25,000 to first-time home owners would do little more than jack up home prices, they said.
While the nonpartisan Committee for a Responsible Federal Budget estimated that Harris’ economic plan would increase deficits by a net $1.7 trillion over a decade, a number that could grow to $2 trillion if temporary housing policies were made permanent.
Harris’ plan includes a federal ban on price gouging on food and groceries, which her campaign says aims to stop big corporations from unfairly exploiting consumers while generating excessive corporate profits.
“I know most businesses are creating jobs, contributing to our economy and playing by the rules,” Harris said.
“But some are not, and that’s just not right. And we need to take action when that is the case.”
Her plan calls for a series of tax incentives and other measures to encourage building homes for first-time homebuyers and the $25,000 credit for such buyers.
Harris aims to expand rental assistance, ban rental price-fixing and stop Wall Street firms from buying homes in bulk.
She is also pushing to lower healthcare costs, cancel medical debt and highlight how the Biden administration negotiated down the prices of 10 top-selling prescription drugs.