The political landscape is shifting, and Vice President Kamala Harris could be the Democratic nominee to replace Joe Biden.
Voters are interested in her position on important financial issues, and her economic platform could influence future policies.
Harris’s approach on taxes, healthcare and student loans as well as other important areas can have a significant impact on household finances.
Tax policy changes are on the horizon
Harris has placed tax policy and deficit in the federal budget at the top of his agenda due to the impending end of many tax incentives after 2025.
Tax Foundation reports that if no legislative action is taken, the provisions of the Tax Cuts and Jobs Act will expire and more than 60% filers could face higher tax rates.
Harris will likely support many of Biden’s tax policies.
The key question to ask is whether Biden will continue his pledge not to raise taxes on those earning under $400,000 per year.
Harris had previously supported the repeal of the TCJA corporate tax cut. She proposed a return to a top rate of 35%, compared with Biden’s suggestion 28%.
She may also continue to advocate for increased support for families.
Health Care: When will ‘Medicare For All’ return?
Harris, during her presidential bid in 2020, supported a plan called “Medicare For All”, which aims to move all Americans onto a Medicare health plan within ten years.
This ambitious healthcare plan, however, may not have a prominent place in today’s political environment, as the Democratic Party prefers to make incremental changes.
Harris will likely advocate expanding coverage under the Affordable Care Act and Medicaid in order to build on Biden’s administration efforts to lower healthcare costs.
She has always been vocal about protecting reproductive rights in the face of changing laws.
Continued push for student loan debt relief
Harris is a strong supporter of Biden’s historical student loan forgiveness initiative.
In her last presidential campaign, Biden had a broader debt-relief plan, and this has forgiven nearly five million Americans’ $167 billion worth of student loans.
Harris, as Vice President of the Bank has been focused on fighting predatory lending and supporting for-profit borrowers.
She will continue to work to provide relief for student loan borrowers, and to reduce the economic impact of student loans on families with young professionals.
The wealth gap and income inequality
Before becoming vice president, Harris proposed the Lift the middle class Act. This act aimed at providing tax credits of up to $6000 annually for lower and mid-income earners.
The goal of this initiative is to reduce the gap between the rich and the poor, as well as support families from the working class. This concern has grown with the rising cost of living.
Harris could revive proposals similar to the one above to provide tax relief for those who earn below a certain threshold, in order to address the challenges that lower-income families face.
Affordable Housing Solutions: Advocate for them
Harris is a champion of affordable housing, and he has always recognized the need for solutions that are accessible.
She announced recently an initiative to reduce housing costs and address homelessness.
She has also allocated a budget of $5.5 billion to boost affordable housing via various HUD programs.
She is committed to providing all Americans with safe, affordable and comfortable living conditions. This is a key aspect to economic stability.
Social safety nets strengthened
Harris, as a Senator, co-sponsored The Social Security Expansion Act. She advocated for higher benefits and contributions by wealthy Americans. It is in line with Harris’s broader objective of protecting and improving social safety nets.
Harris also proposed eliminating discriminatory practices in pay to address the gender gap. She proposed fines to companies that failed to obtain equal pay certifications. Her goal was to reduce the gender wage gap which is disproportionately affecting women of color.
A Kamala Harris presidential term could also bring about significant change in the areas of tax policy, healthcare, student loans, income inequality and housing affordability. This potential change highlights the importance of knowing her platform when voters are considering the direction that economic policy will take.
As new information becomes available, this post on How a Kamala Harris Presidency could Impact the Average American Taxpayer may change.
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