Kamalanomics: Here’s what’s in Kamala Harris’s plan for the economy
Boosting the Child Tax Credit
Harris’s plan calls for beefing up the Child Tax Credit (CTC) to provide a $6,000 tax cut to families with newborn children, as Democrats have sought to drive a contrast with Republicans on the issue in recent weeks.
The plan also calls for expanding the Earned Income Tax Credit to cover those with lower-income jobs who aren’t raising children.
‘Price gouging’ ban
The proposal will be part of a larger effort aimed at lowering grocery costs and tackling inflation. The plan also calls for setting rules to ensure corporations “can’t unfairly exploit consumers to run up excessive profits on food and groceries,” as polls show inflation continues to be a top-of-mind issue for voters in the months leading up to the November presidential election.
Expanding affordable housing
Harris’s plan pushes for the construction of 3 million new housing units over the next four years, along with what it described as the “first-ever” tax incentive for building starter homes for first-time homebuyers.
The plan calls for an expansion to an existing tax credit for businesses that build affordable rental housing, as well as a $40 billion federal fund to help boost construction. The plan also details a proposal to make some “federal lands eligible to be repurposed” for new and affordable housing developments.
Helping first-time homebuyers
Another plan Harris proposed builds upon a previous proposal from the Biden administration that sought to provide first-generation homebuyers with $25,000 in down-payment assistance, along with a tax credit for first-time homebuyers.
Limiting taxes on tips
Harris also voiced support for ending taxes on tips for service and hospitality workers last week, catching some Democrats by surprise after former President Trump pitched a similar plan earlier this summer.
The Committee for a Responsible Federal Budget estimated this week that exempting tip income from federal income, as well as increasing the minimum wage, could add between $100 billion and $200 billion to the nation’s deficits in a 10-year window.
https://thehill.com/business/4831358-kamala-harris-economic-plan/
