Democratic presidential candidate Kamala Harris announced on Friday a tax cut for most Americans, a federal ban on ‘price gouging’ for consumer goods, and the construction of more affordable housing, presenting her economic policy for the White House in a speech.
In her first major campaign speech dedicated to the economy, Harris promised to introduce new tax credits for children of up to six thousand dollars for families with infants, a tax reduction for families with children, and lower prescription drug costs.
The Vice President also called for the construction of 3 million new housing units over four years and tax incentives for home builders who construct homes for first-time buyers.
Harris told supporters at a rally in North Carolina, a state she hopes to win in the U.S. presidential election on November 5, that the American economy is strong, but prices are still too high. She stated that as president, she would laser-focus on the middle class.
– Together we will build what I call an economy of opportunity. Building the middle class will be a key goal of my presidency because I firmly believe that America is strong when the middle class is strong – said Harris.
Her program may face resistance from both corporations and Congress, which have rejected similar proposals from President Joe Biden.
Harris, who said she would reveal more details about her economic plans in the coming weeks, seeks to paint a contrast with her opponent, Republican Donald Trump. The former president proposed new comprehensive tariffs on imports, which Harris rejects.
– He wants to impose what is essentially a national sales tax on everyday products and basic necessities that we import from other countries. This will destroy Americans – said Harris.
– This will mean higher prices for almost all your daily needs: Trump’s tax on fuel. Trump’s tax on food. Trump’s tax on clothing. Trump’s tax on over-the-counter drugs – added Harris.
In a conversation with reporters on Friday, Trump’s economic advisors Kevin Hassett and Stephen Moore claimed that her proposals would spur inflation and harm the economy. They assessed that the proposal to subsidize first-time home buyers with up to 25 thousand dollars would only raise housing prices. Republicans blame Biden and Harris for poor economic management in which prices have risen and attribute their policies to fueling inflation.
