What we know (so far) about Kamala Harris’s economic plan

Vice President Kamala Harris is set to unveil her comprehensive economic plan, focusing on addressing the most pressing challenges faced by American families. The plan aims to enhance financial stability by tackling issues such as housing expenses and grocery prices. Harris will present a critical stance on corporate mergers and propose new strategies to reduce healthcare expenses. The plan includes a $25,000 credit for first-time homebuyers and a $40 billion innovation fund to support local governments and rental markets. Additionally, Harris plans to request Congress to authorize a $6,000 child tax credit for families with newborns, an increase from President Biden’s previous suggestion of $10,000. The proposal also includes a federal prohibition on food “price gouging,” which would be enforced through new regulatory powers at agencies like the Federal Trade Commission. Harris aims to cap insulin prices at $35 and limit out-of-pocket prescription drug costs to $2,000 for all individuals. The plan further advocates for the removal of medical debt from credit reports and the continuation of efforts to cancel $7 billion in existing debt. Harris’s economic strategy closely mirrors President Biden’s, seeking to resonate with a wide array of working individuals who often perceive Republicans as more competent in economic management. The plan aims to establish a clear distinction between Harris and her election rival, Donald Trump, particularly regarding tariffs and tax policies. However, certain aspects of the proposals, especially those related to housing and grocery prices, have faced criticism as impractical and excessively liberal from Republicans and various industry groups.

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