Additional Coverage:
- What you need to know about Kamala Harris’ ‘opportunity economy’ (newsbreak.com)
**Kamala Harris Unveils Plan for an ‘Opportunity Economy’ Aimed at Bolstering the Middle Class**
**Vice President Kamala Harris announced her vision for an ‘Opportunity Economy’ that targets America’s middle class during her recent debate with former President Donald Trump. Harris’ plan includes tax relief for families and small businesses while tackling price-gouging practices, all aimed at promoting economic growth.**
Harris, who grew up in a middle-class household with a working mother, emphasized that a robust middle class is crucial for a strong America. “As President, I will create an Opportunity Economy where everyone has a chance to compete and a chance to succeed, whether they live in rural areas, small towns, or big cities,” she declared during the debate.
**Tax Policy Proposals**
Harris proposes significant tax cuts focused on young families and small businesses. She plans to extend a $6,000 child tax credit, a substantial increase from past credits, to help families afford necessities like cribs and car seats. This plan builds on the Biden administration’s 2021 expansion of the child tax credit.
Additionally, Harris aims to support small businesses by offering a $50,000 tax deduction for startups, reinforcing her belief that small businesses are integral to America’s economic backbone. This proposal marks a tenfold increase from the current tax deduction for new business expenses.
**Promoting Homeownership**
Harris also highlighted issues surrounding affordable housing, promising to build 3 million homes by the end of her first term. She intends to collaborate with the private sector to alleviate the housing supply crisis.
Her proposals include cutting bureaucratic red tape, penalizing firms that hoard homes, and outlawing price fixing by corporate landlords. Furthermore, she plans to introduce a $25,000 down payment assistance program for first-time homebuyers.
**Combating Price-Gouging**
In her efforts to combat anti-competitive practices, Harris is particularly focused on price-gouging. Although not mentioned in the debate, she aims to lower prices on essentials like groceries and medications. She praised the Biden administration’s achievement in capping insulin prices and prescription costs for seniors and expressed her intent to continue negotiating lower drug prices with pharmaceutical companies.
**Expert Opinion and Public Perception**
Despite some skepticism from voters and a policy page light on specifics, Harris has garnered support from venture capitalists and Wall Street executives. Economic predictions from Goldman Sachs and Moody’s Analytics suggest that Harris’ plans could bolster economic growth and moderate inflation, contrasting with potential economic challenges under Trump’s leadership.
However, polling indicates that many voters remain unconvinced. A recent New York Times/Siena College poll found that 56% of registered voters trust Trump more than Harris to manage the economy effectively.
For further details, read the original article on Business Insider.
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- What you need to know about Kamala Harris’ ‘opportunity economy’ (newsbreak.com)