On Friday, Vice President Kamala Harris presented over a dozen policy proposals ahead of a speech in North Carolina, where she is expected to highlight her economic vision. The campaign’s claims are that they will lower costs for middle-class Americans and bolster support for young families. This marks her first major attempt to define an economic agenda since becoming the presumptive Democratic nominee for the 2024 presidential election.
The proposed policies focus on reducing the costs of essential items such as housing, prescription drugs, and groceries, while also offering tax relief to young families, forgiving medical debt, and promoting the construction of new homes.
Notably absent from the campaign’s rollout is a price tag for the comprehensive set of proposals. However, the initiatives are aimed at tackling the economic pressures currently facing middle-class Americans, particularly in areas where costs have skyrocketed.
One of the cornerstone policies Harris is pitching includes a $6,000 tax credit for families with newborns. This proposal is reminiscent of a similar plan unveiled by Trump’s running mate, Senator J.D. Vance, just days prior. Additionally, Harris is pledging to restore the expanded child tax credit of $3,600, which was part of Biden’s pandemic stimulus package.
Other tax cuts proposed by Harris include an expanded earned income tax credit for frontline workers and a tax cut for those purchasing insurance through the Affordable Care Act marketplace.
As for housing affordability, she has outlined plans to cut regulations and introduce tax incentives to spur the construction of starter homes. Her goal is to oversee the construction of 3 million new housing units over the next four years, addressing the housing shortage that has driven home prices to record highs.
Additionally, Harris proposes offering $25,000 in down payment support to first-time homebuyers and establishing a $40 billion fund to promote innovative housing construction. Her housing plan also targets corporate practices, such as “price-fixing” by rental data firms and the acquisition of homes by large financial entities and wealthy investors.
“Trump likes to talk about being a builder, but when he was President, he simply never got it done,” Harris’s campaign stated in the Friday rollout.
Harris’s proposals have already drawn sharp criticism from Republicans. Senator J.D. Vance accused Harris of exacerbating the housing crisis with her policies. “Kamala Harris wants to give $25,000 to illegal aliens to buy American homes. This will only further exacerbate the housing shortage in our country. It’s a disgrace,” Vance said on social media.
