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U.S. Vice President Kamala Harris has revealed a series of economic proposals aimed at reducing living costs for middle and lower-class Americans and stimulating the economy through tax incentives and other measures. These initiatives, which complement President Joe Biden’s economic agenda but go further in scope and scale, include:
– Taxing the wealthy: Harris supports Biden’s pledge not to increase taxes on households earning less than $400,000 annually. She endorses most of the $5 trillion in tax hikes proposed in Biden’s budget, including a new 25% minimum tax on individuals with fortunes over $100 million and raising the long-term capital gains tax rate for high earners.
– Corporate tax increase: Harris suggests raising the corporate tax rate to 28%, partially reversing the cuts implemented by former President Trump in 2017. This move could generate $1 trillion in revenue over a decade but may impact company profits.
– Child Tax Credit: Harris supports making the one-year increase in the Child Tax Credit permanent, offering a $3,600 credit per child and a one-time $6,000 bonus for families with newborns.
– Affordable housing: Harris proposes tax credits for the construction of affordable homes, including a $25,000 credit for first-time homebuyers and a $40 billion “innovation fund” to incentivize local governments to build more affordable housing.
– Small business tax credit: Harris suggests a new tax deduction of up to $50,000 for startup costs to support entrepreneurs and differentiate from tax cuts for large corporations.
– Childcare: Harris aims to limit childcare expenses to no more than 7% of household income, potentially building on existing programs like the Child Care and Development Block Grant.
– Price gouging ban: Harris plans to introduce a federal ban on price gouging in the food and grocery sector to prevent big corporations from unfairly raising prices and profiting excessively.
These measures are part of Harris’s strategy to address economic challenges and support American families.
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SOURCE
Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
