The U.S. national election is fast approaching as both Vice President Kamala Harris and former President Donald Trump make their final speeches to woo voters.
The two candidates have laid out their broad ideas to strengthen the economy and eventually make life more affordable for ordinary Americans. A recent Ipsos poll stated that over 90 per cent of voters said their economic situation will factor into how vote.
Both candidates are aware of this, hence they have mostly centered their messages on the economy. Harris has promised economic policies that will address inflation and rising living costs while improving health-care coverage and offering financial help for first-time homebuyers.
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Here’s how Harris plans to reshape the economy if given the nod:
Invest in U.S. businesses
The vice president has outlined a comprehensive plan to bolster small businesses and manufacturing. Key proposals include increasing the startup expense tax deduction from $5,000 to $50,000, simplifying tax compliance and interstate business operations, and allocating one-third of federal contracts to small businesses.
She is also looking at investments in community development financial institutions to facilitate low- and no-interest loans to small businesses in low-income areas. A new tax credit, ‘America Forward,’ will focus on strategic sectors such as steel, biotechnology, and aerospace, prioritizing worker rights and factory town investments. The plan also encompasses expanded apprenticeships and skills-based hiring initiatives.
Make health care more affordable
The Vice President’s healthcare plan builds upon the Biden administration’s existing policies. She has said that she will extend the Affordable Care Act that provides coverage to more than 40 million people. The Affordable Care Act includes government subsidies to help people pay their health insurance costs. One of these health insurance subsidies is the premium tax credit which helps individuals pay their monthly health insurance premiums. Harris is looking at extending these premium subsidies while expediting Medicare’s drug pricing negotiations. Her plan also focuses on rural healthcare development through recruitment incentives for 10,000 professionals, grants for community health workers training, and enhanced emergency medical services funding.
Remove taxes
In an effort to win over hospitality and service workers in critical swing states such as Nevada, the vice president has made a commitment to abolish federal income taxes on tips. Under Harris’ proposal, tips would remain subject to payroll taxes, and her campaign intends to work with Congress to draft legislation that includes income caps and anti-fraud provisions.
Provide affordable housing
Harris’ three-pronged plan to address the national housing shortage includes providing up to $25,000 in down-payment support and a $10,000 tax credit for first-time homebuyers, facilitating access for over 1 million buyers annually.
The plan also encompasses constructing 3 million new housing units, spurred by tax incentives for builders of starter homes and expanded tax benefits for building affordable rental housing.
Furthermore, the plan aims to lower rent by restricting landlords’ use of algorithm-driven pricing tools and discouraging bulk property purchases by wealthy investors through the removal of tax advantages.
Cut prices
The vice president observes that prices of essentials, especially groceries, remain stubbornly high, even as inflation slows. She argues that some corporations are exploiting the situation to maximize profits, despite stable production costs.
Her response involves establishing a landmark national price-gouging ban on food and groceries, aimed at corporations that unfairly exploit consumers during emergencies. This initiative is modeled after price-gouging bans already in place in 37 states, including Texas and Florida, as outlined in her campaign’s policy paper.
