Written by Nathaniel Harris.
Vice President Kamala Harris recently announced an ambitious economic plan, making it clear that she’s ready to take the reins of the presidency with a focus on helping American families. A key element of her plan is a significant expansion of the Child Tax Credit (CTC), aimed at providing much-needed relief to middle- and low-income families. According to Harris’s campaign, the proposal would offer a $6,000 tax cut to families with newborns in their first year. This move is intended to contrast sharply with the Republican stance, especially in light of their recent efforts to block similar legislation.
Harris’s plan doesn’t stop there. She is also advocating for the reinstatement of the CTC expansion from the 2021 American Rescue Plan, which provided a $3,600 per child tax credit to eligible families. This initiative reflects her commitment to ensuring that the economic recovery benefits all, particularly those who need it the most. Additionally, her plan proposes expanding the Earned Income Tax Credit to support low-income workers without children, further extending the safety net for vulnerable Americans.
Targeting Price Gouging at the Grocery Store
Harris’s economic blueprint also tackles one of the most pressing issues facing American consumers: the skyrocketing cost of groceries. As part of her plan, she has proposed the nation’s first federal ban on price gouging in the food and grocery sector. Although details on the implementation are sparse, the proposal is part of a broader effort to rein in inflation and prevent corporations from exploiting consumers for excessive profits.
This initiative comes at a critical time, as polls consistently show that inflation remains a top concern for voters. Harris’s plan also calls for empowering the Federal Trade Commission (FTC) and state attorneys general with new authority to investigate and penalize companies that engage in unfair pricing practices. This move is likely to resonate with a public that is increasingly frustrated with rising costs and corporate greed.
Expanding Access to Affordable Housing
Harris’s economic agenda includes a robust plan to address the nation’s affordable housing crisis. She has set an ambitious goal of constructing 3 million new housing units over the next four years. This effort would be supported by a new tax incentive for building starter homes, specifically aimed at first-time homebuyers. Harris’s plan also proposes expanding an existing tax credit for businesses that construct affordable rental housing and creating a $40 billion federal fund to boost construction efforts nationwide.
In addition to these measures, Harris is advocating for the repurposing of federal lands to create new, affordable housing developments. She is also pushing for the passage of legislation aimed at curbing predatory investing practices that drive up home prices, such as the Stop Predatory Investing Act and the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act. These laws would give the FTC more power to address rent price coordination among landlords and property managers, further protecting renters and potential homeowners alike.
Our Take
Kamala Harris’s economic plan presents a vision that aims to tackle some of the most significant challenges facing American families today. However, the success of these initiatives hinges on their ability to be implemented effectively and without unintended consequences. Expanding the Child Tax Credit and increasing affordable housing availability are commendable goals, but they require careful management to ensure they benefit the intended recipients without burdening the broader economy. The proposed price gouging ban, while popular, may also face hurdles in execution and enforcement, potentially leading to more bureaucracy and higher costs for businesses. Ultimately, while Harris’s plan is bold and addresses pressing issues, its success will depend on striking the right balance between ambition and practicality.
