Kamala Harris, the Vice President of U.S, has released a comprehensive economic plan meant to help in reducing economic burdens on the Americans. They range from new tax exemptions and programmes aimed at reducing the cost of living. The proposal is intervention given the fact that economic issue have turned out to be crucial in the current political reality.
Harris laid out a plan during a campaign trip to North Carolina, a swing state. They consist of a federal prohibition on price increases on groceries, a $25,000 assistance program for some first-time homeowners, and tax credits for starters’ homes constructors.
In taxation and reforms, the plan provided by Harris targets on giving tax cuts to the lower and middle income earners. She suggested raising the child tax credit to $3,600, $6,000 for babies. Also, Harris seeks to increase the earned income tax credit for childless workers in order to benefit the low wage earners. Her campaign estimates that this expansion could cut current and future taxes by $1,500 per each of them. The vice president also desires to reduce health insurance premiums from the Affordable Care Act.
This plan extends other Biden’s administration priorities, but has transitioned instead from job and physical capital investments toward making rents on basic necessities – food, housing – more affordable. Some of the implications of the proposal would require an act of Congress and this would not be easy to get especially given the prevailing political climate. Still, aspects regarding funding the proposals remain sketchy.
Republican Pushback on Harris’ Plan
Republican critics have answered it with immediate cynicism. Brian Hughes, the ex-communicated spokesman for the Trump campaign said that the approach from Harris was the most socialist and authoritarian model. Kevin Hassett, a former chairman of the Donald Trump administration’s Council of Economic Advisers dismissed a governmental interference in the food prices plans as ‘absolutely ridiculous. ” Another Trump adviser, Stephen Moore, complained to Tucker Carlson, that Biden administration officials blame Trump for inflation problems that the administration had created.
Harris’ proposals are made against the background when the president calls her ‘a radical California liberal who broke the economy’. Even the current slowing down of year-on-year inflation, food prices rose by 21% compared to 2018. A report from the Labor Department provided the evidence that most of July inflation was caused by rental and housing costs which are predicted to soften in the subsequent months.
Harris’ grocery pricing proposal is to direct the Federal Trade Commission to punish major corporations for price gouging and work on anti-trust violations in the meat packing sector.
According to polls that have been conducted, the public holds more trust in Trump on economy issues at the current political juncture, 45 % against the 38 % for Harris. Still, Harris is a competitive candidate campaigning in states that Democrats have been carefully pushing to regain, such as North Carolina.
Support and Strategy in North Carolina
Governor Roy Cooper said he hoped the tide had turned, pointing to North Carolina’s last Democratic presidential victory in 2008. Another concerned citizen, Deborah Holder, 68, a local business owner, focused on Harris’ approach to backing the small businesses, as they are the ‘spine’ of the country.
His battleground states director, Dan Kanninen, said this about North Carolina’s importance, “It is as likely as any of those states to be the tipping point state. ”
Harris is also in the process of carving out her economic policy, along with giving credit to the Biden administration on several fronts. When the press asked Biden whether Harris would seek to create some space from his economic record, Biden replied, “She’s not going to.”
Other points that Biden and Harris have discussed in their latest sit-down were the initiatives they took to reduce the costs and negotiate for affordable prescription drugs under the Inflation Reduction Act. Biden immediately defended the policies pointing to the big drug makers and Trump’s stance on the recent changes.
“I do not have an issue with companies generating revenue, but what I do not accept is price increase to the unjustified level,” Biden noted. He evaluated the recent accomplishments and stated good enough in his judgement of presidency.
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