top of page

Harris pledges to tackle costs, build houses, lower taxes in economy speech

Updated: Aug 20, 2024

U.S. Vice President and Democratic presidential candidate Kamala Harris gestures as she speaks at an event at the Hendrick Center for Automotive Excellence in Raleigh, North Carolina, U.S., August 16, 2024. /Jonathan Drake
U.S. Vice President and Democratic presidential candidate Kamala Harris gestures as she speaks at an event at the Hendrick Center for Automotive Excellence in Raleigh, North Carolina, U.S., August 16, 2024. /Jonathan Drake

RALEIGH, North Carolina - Kamala Harris outlined proposals to cut taxes for most Americans, ban "price gouging" by grocers and build more affordable housing on Friday as part of the "opportunity economy" she plans to pursue if she wins the White House.


In her first major economy-focused speech as the Democratic presidential nominee, Harris pledged to introduce a new child tax credit of as much as $6,000 for families with infants, cut taxes for families with kids and lower prescription drug costs.


The vice president also called for the construction of 3 million new housing units over four years and a tax incentive for home builders who build homes for first-time buyers.



Harris told supporters at a rally in North Carolina, a state she hopes to win in the Nov. 5 election, that the U.S. economy was strong but prices were still too high. She said she would be laser-focused on the middle class as president.


"Together we will build what I call an opportunity economy," she said. "Building up the middle class will be a defining goal of my presidency because I strongly believe when the middle class is strong, America is strong."


Her agenda may run into resistance from both corporations and Congress, which rejected similar proposals when they came from President Joe Biden.


Harris, who said she would reveal more details of her economic plans in the weeks to come, is aiming to draw a contrast with her opponent, Republican Donald Trump, on broad economic values, and specifically on tariffs and taxes.


The former president has proposed new across-the-board tariffs on imports, an idea Harris rejects.


"He wants to impose what is in effect a national sales tax on everyday products and basic necessities that we import from other countries," Harris said. "That will devastate Americans."


"It will mean higher prices on just about every one of your daily needs: A Trump tax on gas. A Trump tax on food. A Trump tax on clothing. A Trump tax on over-the-counter medication."


In a call with reporters on Friday, Trump economic advisers Kevin Hassett and Stephen Moore argued that Harris' proposals would boost inflation and damage the economy. A proposal to offer as much as $25,000 to first-time homeowners would do little more than jack up home prices, they said.


Republicans fault Biden and Harris for presiding over an economy in which prices have risen and blame their policies for driving inflation.


Harris' plans are meant to address that by appealing to a broad segment of the working public who often see Republicans as better economic stewards and are anxious over both higher costs and their economic prospects.


Some of her policies, including ones on housing and groceries, have come under attack as ill-considered and overly liberal populism by Republicans and some industry groups.


The nonpartisan Committee for a Responsible Federal Budget estimated that Harris' economic plan would increase deficits by a net $1.7 trillion over a decade, a number that could grow to $2 trillion if temporary housing policies were made permanent.



FOOD AND HOUSING


Harris' plan includes a federal ban on price gouging on food and groceries, which her campaign says aims to stop big corporations from unfairly exploiting consumers while generating excessive corporate profits.


As president, she would direct the Federal Trade Commission to impose "harsh penalties" on companies that break new limits on price gouging, campaign officials said.


"I know most businesses are creating jobs, contributing to our economy and playing by the rules," Harris said. "But some are not, and that's just not right. And we need to take action when that is the case."


Progressive economic ideas poll well with voters, but they have proven tough to pass into law. Most of Harris' and Trump's economic priorities need to secure majority support in Congress. A child tax credit bill passed the House of Representatives but stalled in the Senate this year.


Her plan calls for a series of tax incentives and other measures to encourage building homes for first-time homebuyers and the $25,000 credit for such buyers. Harris also aims to expand rental assistance, ban rental price-fixing and stop Wall Street firms from buying homes in bulk.


Harris also is pushing to lower healthcare costs, cancel medical debt and highlight how the Biden administration negotiated down the prices of 10 top-selling prescription drugs used by Medicare by as much as 79%.


Harris is maintaining Biden's promise not to raise taxes on people who make $400,000 or less a year, and her campaign aims to draw a contrast on taxes with Trump, who slashed the corporate tax rate to 21% from 35% and implemented other tax breaks that are set to expire next year. Trump has promised to make the tax cuts permanent.

Comments


Top Stories

Advertise Now (1).png
Live: China Imposes 34% Tariffs on U.S. Goods | Foreign Ministry Briefing | Trade War

Live: China Imposes 34% Tariffs on U.S. Goods | Foreign Ministry Briefing | Trade War

Beijing, China — The Chinese Foreign Ministry holds its daily press briefing after announcing a sweeping 34% retaliatory tariff on all U.S. goods effective April 10. Watch for updates on China’s military drills near Taiwan, South China Sea tensions, Indo-Pacific security, Israel-Gaza conflict, and U.S. strikes in Yemen. #China #USChinaTensions #SouthChinaSea #Taiwan #IndoPacific #GazaCrisis #YemenStrikes #TradeWar #Geopolitics #PressBriefing Amaravati Today is a news channel that provides the latest updates on world affairs and sports events. It covers a wide range of topics, including international politics, major global incidents, and sports highlights #WorldNews #GlobalInsights #AmaravatiToday #News #InternationalNews #GlobalNews #Politics Subscribe to the Amaravati Today channel and tap the bell icon to receive notifications whenever we go live https://www.youtube.com/@Amaravati_Today_Official Follow Amaravati Today on x or Twitter: https://x.com/amaravati_today Follow Amaravati Today on Facebook: https://www.facebook.com/amaravatitoday Follow Amaravati Today on Instagram: https://www.instagram.com/stories/amaravatitodayofficial/ Follow Amaravati Today on Rumble: https://rumble.com/user/Amaravatitoday Follow Amaravati Today on Linkedin: https://www.linkedin.com/company/amaravati-today/ Follow Amaravati Today on WhatsApp: https://www.whatsapp.com/channel/0029VaHWoNe5q08TF4NFKv3d Website: https://www.amaravati.today/ Source: Reuters
Live: Tokyo Stock Market Closes Amid Global Recession Fears | Asia Markets reaction to Tariffs
47:39

Live: Tokyo Stock Market Closes Amid Global Recession Fears | Asia Markets reaction to Tariffs

The Tokyo Stock Exchange ends the day with investor sentiment rattled by growing concerns of a tariff-driven global recession. Market volatility continues as trade tensions weigh on stocks. Get the latest update on Japan's financial markets and global economic impact. Subscribe for more financial news from Asia. #TokyoStockExchange #JapanMarkets #GlobalRecession #StockMarket #FinancialNews #TariffImpact #EconomicUpdate #JapanNews #AsiaMarkets #MarketClose Amaravati Today is a news channel that provides the latest updates on world affairs and sports events. It covers a wide range of topics, including international politics, major global incidents, and sports highlights #WorldNews #GlobalInsights #AmaravatiToday #News #InternationalNews #GlobalNews #Politics Subscribe to the Amaravati Today channel and tap the bell icon to receive notifications whenever we go live https://www.youtube.com/@Amaravati_Today_Official Follow Amaravati Today on x or Twitter: https://x.com/amaravati_today Follow Amaravati Today on Facebook: https://www.facebook.com/amaravatitoday Follow Amaravati Today on Instagram: https://www.instagram.com/stories/amaravatitodayofficial/ Follow Amaravati Today on Rumble: https://rumble.com/user/Amaravatitoday Follow Amaravati Today on Linkedin: https://www.linkedin.com/company/amaravati-today/ Follow Amaravati Today on WhatsApp: https://www.whatsapp.com/channel/0029VaHWoNe5q08TF4NFKv3d Website: https://www.amaravati.today/ Source: Reuters
Live: Bolsonaro Supporters Rally in São Paulo for Amnesty | Jan 8 Protest | Brazil Politics
57:21

Live: Bolsonaro Supporters Rally in São Paulo for Amnesty | Jan 8 Protest | Brazil Politics

Thousands of Bolsonaro supporters gathered on Paulista Avenue, São Paulo, demanding amnesty for those charged over the January 8, 2023 coup acts. The protest follows rising tensions around the former president's judicial process. Watch exclusive scenes and reactions from the ground. #Bolsonaro #BrazilProtests #SaoPaulo #Jan8 #AmnestyNow #BrazilNews #CoupAttempt #PaulistaAvenue #ProtestLive #SouthAmericaNews Amaravati Today is a news channel that provides the latest updates on world affairs and sports events. It covers a wide range of topics, including international politics, major global incidents, and sports highlights #WorldNews #GlobalInsights #AmaravatiToday #News #InternationalNews #GlobalNews #Politics Subscribe to the Amaravati Today channel and tap the bell icon to receive notifications whenever we go live https://www.youtube.com/@Amaravati_Today_Official Follow Amaravati Today on x or Twitter: https://x.com/amaravati_today Follow Amaravati Today on Facebook: https://www.facebook.com/amaravatitoday Follow Amaravati Today on Instagram: https://www.instagram.com/stories/amaravatitodayofficial/ Follow Amaravati Today on Rumble: https://rumble.com/user/Amaravatitoday Follow Amaravati Today on Linkedin: https://www.linkedin.com/company/amaravati-today/ Follow Amaravati Today on WhatsApp: https://www.whatsapp.com/channel/0029VaHWoNe5q08TF4NFKv3d Website: https://www.amaravati.today/ Source: Reuters
Live: Macron in Egypt: Talks with Sisi, Gaza Meeting & Business Forum | France-Africa Ties

Live: Macron in Egypt: Talks with Sisi, Gaza Meeting & Business Forum | France-Africa Ties

French President Emmanuel Macron begins a two-day visit to Cairo, Egypt. Key events include a welcome by President Sisi, Gaza-focused trilateral talks with Jordan's King Abdullah, business agreements, and metro project visits. Stay tuned for highlights, statements, and behind-the-scenes coverage. SCHEDULE (TIMINGS APPROX): 0700GMT - Welcome ceremony with Egypt's President Sisi 0845GMT - Signing of agreements 0930GMT - Joint statements 1000GMT - Arrival of Jordan King Abdullah 1005GMT - Trilateral talks on Gaza 1205GMT - Working lunch - NO PRESS ACCESS 1300GMT - Closing of Franco-Egyptian business forum 1430GMT - Visit with Sisi of metro line operated by France's RATP 1550GMT - Presentation of new campus project 1600GMT - Cairo University 1900GMT - Working dinner #Macron #EgyptVisit #CairoNews #GazaTalks #FranceEgypt #MiddleEast #MacronInEgypt #JordanKing #MetroTour #Diplomacy Amaravati Today is a news channel that provides the latest updates on world affairs and sports events. It covers a wide range of topics, including international politics, major global incidents, and sports highlights #WorldNews #GlobalInsights #AmaravatiToday #News #InternationalNews #GlobalNews #Politics Subscribe to the Amaravati Today channel and tap the bell icon to receive notifications whenever we go live https://www.youtube.com/@Amaravati_Today_Official Follow Amaravati Today on x or Twitter: https://x.com/amaravati_today Follow Amaravati Today on Facebook: https://www.facebook.com/amaravatitoday Follow Amaravati Today on Instagram: https://www.instagram.com/stories/amaravatitodayofficial/ Follow Amaravati Today on Rumble: https://rumble.com/user/Amaravatitoday Follow Amaravati Today on Linkedin: https://www.linkedin.com/company/amaravati-today/ Follow Amaravati Today on WhatsApp: https://www.whatsapp.com/channel/0029VaHWoNe5q08TF4NFKv3d Website: https://www.amaravati.today/ Source: Reuters
World News | Trump Tariffs, EU,  Israel, Myanmar, France, Amaravati Today | VISTA Ep 34
14:40

World News | Trump Tariffs, EU, Israel, Myanmar, France, Amaravati Today | VISTA Ep 34

France's cognac makers, buffeted by trade wars, reel from Trump's tariffs EU seeks unity in first strike back at Trump tariffs US starts collecting Trump's 10% tariff, smashing global trade norms Rains add to challenge for Myanmar quake relief, toll at 3,471 Israeli military changes initial account of Gaza aid worker killings Russia says Ukraine 'multiplying' energy attacks despite US-brokered moratorium Amaravati Today is a news channel that provides the latest updates on world affairs and sports events. It covers a wide range of topics, including international politics, major global incidents, and sports highlights #WorldNews #GlobalInsights #AmaravatiToday #News #InternationalNews #GlobalNews #Politics Subscribe to the Amaravati Today channel and tap the bell icon to receive notifications whenever we go live https://www.youtube.com/@Amaravati_Today_Official Follow Amaravati Today on x or Twitter: https://x.com/amaravati_today Follow Amaravati Today on Facebook: https://www.facebook.com/amaravatitoday Follow Amaravati Today on Instagram: https://www.instagram.com/stories/amaravatitodayofficial/ Follow Amaravati Today on Rumble: https://rumble.com/user/Amaravatitoday Follow Amaravati Today on Linkedin: https://www.linkedin.com/company/amaravati-today/ Follow Amaravati Today on WhatsApp: https://www.whatsapp.com/channel/0029VaHWoNe5q08TF4NFKv3d Website: https://www.amaravati.today/ Source: Reuters
Live: Le Pen Barred from 2027 Election: RN Rally in Paris Sparks Outrage | France Politics
02:17:28

Live: Le Pen Barred from 2027 Election: RN Rally in Paris Sparks Outrage | France Politics

France’s far-right National Rally (RN) holds a major rally in Paris supporting Marine Le Pen, who has been barred from the 2027 presidential race following a graft conviction. The event marks growing tensions in French politics as supporters challenge the ruling. Watch the full coverage of the rally and reactions. #MarineLePen #FrancePolitics #ParisRally #RNParty #FrenchElection #LePen2027 #FarRightFrance #NationalRally #GraftCase Amaravati Today is a news channel that provides the latest updates on world affairs and sports events. It covers a wide range of topics, including international politics, major global incidents, and sports highlights #WorldNews #GlobalInsights #AmaravatiToday #News #InternationalNews #GlobalNews #Politics Subscribe to the Amaravati Today channel and tap the bell icon to receive notifications whenever we go live https://www.youtube.com/@Amaravati_Today_Official Follow Amaravati Today on x or Twitter: https://x.com/amaravati_today Follow Amaravati Today on Facebook: https://www.facebook.com/amaravatitoday Follow Amaravati Today on Instagram: https://www.instagram.com/stories/amaravatitodayofficial/ Follow Amaravati Today on Rumble: https://rumble.com/user/Amaravatitoday Follow Amaravati Today on Linkedin: https://www.linkedin.com/company/amaravati-today/ Follow Amaravati Today on WhatsApp: https://www.whatsapp.com/channel/0029VaHWoNe5q08TF4NFKv3d Website: https://www.amaravati.today/ Source: Reuters
9.png
Live Streams | Facts | Analysis | Explainers | Breaking News

Get in Touch

Manikondu Pvt Ltd
SY. 130P & 115/1P, ISB Rd
Financial District, Gachibowli
Hyderabad, India 500032
letstalk {at} amaravati (dot) today

Follow us on

  • X
  • LinkedIn
  • Youtube
  • Facebook
  • Instagram

© 2024 by Amaravati Today | Privacy Policy | Imprint & Dsiclaimer | CIN: U70200TS2024PTC184435

bottom of page