What are Kamala Harris’s proposed economic policies?
As she goes on the campaign trail, presidential candidate Kamala Harris has been sharing several economic policies she is proposing for Americans.
During her presidential campaign, Kamala Harris has shared part of her government plan, including the measures she would implement to help American families, which include some economic stimulus and tax credits for people with children, students, housing and health.
“Vice President Harris and Governor Walz are fighting for a new path forward that protects our fundamental freedoms, strengthens our democracy, and ensures that every person has the opportunity not just to survive, but to thrive,” states the mission of her government plan.
“She promises to be a president for all Americans, a president who unites us around our highest aspirations, and a president who will always fight for the American people. From the courtroom to the White House, that has been her life’s work,” the plan also states.
Here are some of the measures and economic incentives that she proposes to implement if she becomes president.
READ ALSO: The Laura looming over Trump
Child Tax Credit and Earned Income Tax Credit
The Harris-Walz campaign has proposed tax cuts to help middle- and working-class Americans. The Child Tax Credit and the Earned Income Tax Credit are included within this proposal.
Harris has proposed expanding the Child Tax Credit to provide a $6,000 tax cut to families with newborn children.
Housing
Vice President Harris has unveiled a comprehensive plan to build three million affordable rental and housing units to resolve the national housing supply crisis.
As more new homes are built and the supply of affordable housing increases, Harris has also proposed offering up to $25,000 to first-time homebuyers to help with their down payment.
Assistance for small business owners
As part of her Opportunity Economy agenda, she has laid out a plan to help small businesses and entrepreneurs innovate and grow. Harris has set an ambitious goal of 25 million new business applications by the end of her first term.
To accomplish this, she proposes expanding the tax deduction for expenses to start a new business from $5,000 to $50,000, while cutting red tape. She will also increase the share of federal contract dollars that go to small businesses.
Health care
Her plan says it will “build on the Biden-Harris administration’s successes in lowering the cost of life-saving prescription drugs for Medicare beneficiaries” and proposes expanding the $35 cap on insulin and the $2,000 cap on out-of-pocket spending to all Americans.