Trump's "arch-rival" Harris, the Democratic presidential candidate for United States, has unveiled for the first time her new dream of a United States economy for the future of government: focusing on reducing the cost of living, reducing taxes on the middle class and the poor, and giving everyone a chance to succeed.
At a rally in North Carolina on Friday, August 16, Harris, the current vice president of the United States, spoke publicly about her vision of an "opportunity economy." Harris said she will build an economy where "everybody can compete and have a real chance to succeed, and whoever starts out has the opportunity to create wealth for individuals and their children." ”
"As president, I will wholeheartedly create opportunities for the middle class to make their economies more secure, more stable, and more dignified," Harris said. "Make it a top priority to reduce costs and improve the economic security of all United States," she pledged. ”
The media noted that Harris's economic blueprint seeks to defuse one of the major problems that has attacked her: voters' dissatisfaction with soaring prices after the pandemic. In her speech, she acknowledged that many voters have not benefited from the Biden administration's policies: "Many United States are still feeling improved in their daily lives. The (cost of living) is still too high. On a deeper level, for a lot of people, no matter how hard they try, it feels like it's hard to succeed. ”
Harris said that if she is elected president, she will work to reduce costs, which she plans to do, and increase their chances by lowering costs for wage earners and middle classes in United States. She proposed to provide comprehensive subsidies and tax incentives for the poor and the middle class, including:
- Tax breaks for tens of millions of United States, increasing the child tax credit from $2,000 to $3,600 per caregiver, $6,000 for newborns in the first year of life, and expanding the Earned Income Tax Credit (EITC);
- Provide first-time buyers with a one-time subsidy of up to $25,000 to help them afford a down payment;
- Seek legislation that caps prescription drug out-of-pocket costs of $2,000 per year for all United States, not just for older adults, while setting an out-of-pocket limit for insulin at $35 per month;
- Increase insurance subsidies for federal health insurance marketplace platforms and reduce the cost of purchasing health insurance on such platforms;
- working with the real estate industry to build housing that will address the housing shortage in United States by the end of her first presidency with 3 million affordable new and rental homes for the middle class;
- Instruct government agencies such as the Federal Trade Commission (FTC) to investigate and punish "big business" for violations, and find ways to address anti-competitive practices such as price fixing in the food and daily necessities industry, and increase penalties for price gouging, especially for daily necessities such as daily necessities and gasoline, with the intention of issuing a federal ban on food and commodity price gouging through the issuance of a federal government injunction, which will be the first federal ban on food price gouging in history.
Harris compared her economic plan to Trump's, saying that Trump's vow to impose tariffs on other countries would amount to a "nationwide sales tax on everyday goods and basic necessities" that would "destroy United States." "Trump wants to tax gasoline, tax food, tax clothing, tax over-the-counter drugs," she said, adding that economists estimate that Trump's plan would cost an average United States household $3,900 a year.
According to the media, Harris's proposal for subsidies for homebuyers is actually an aggressive version of Biden's previous proposal, which was proposed to give $10,000 in subsidies to first-time homebuyers. Some of Harris's other proposals also rely heavily on Biden's policies and proposals, including tens of billions of dollars from the federal government to state and local governments to subsidize the construction of affordable housing and an increase in the ability of Medicare, the health insurance program, to negotiate drug price reductions with pharmaceutical companies.
Some economists have disputed some of Harris's proposals. They warn that price caps can be inefficient and costly. Democrats argue that corporate profit inflation is driving high inflation, while critics argue that federal stimulus is driving higher prices. In addition, there is the issue of cost to Harris's proposal. She proposed a number of small tax increases, including a reduction in tax breaks for some real estate investors, but did not elaborate on how tax reforms, including tax increases for businesses, would be pursued. She also pledged to continue Biden's policy of opposing tax increases on United States nationals earning less than $400,000 a year.
The Committee for a Responsible Federal Budget, a nonpartisan nonprofit organization in United States, analyzed Harris's proposal and estimated that her proposal would result in a net increase of $1.7 trillion in the United States government's deficit over a decade.
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