Wed Sep 25 09:11:02 UTC 2024: ## Vice President Harris Unveils Economic Plan to Boost Middle Class and Economy

**WASHINGTON, D.C. -** Vice President Kamala Harris announced a comprehensive economic plan on Wednesday aimed at lowering living costs for middle- and lower-class Americans and boosting the economy through tax incentives and other fiscal measures. Her proposals build on President Biden’s economic agenda, but expand its scope and scale.

Harris pledged new tax credits to incentivize domestic manufacturing and investments in future-defining sectors like biomanufacturing, aerospace, and artificial intelligence. She also promised tax breaks for expanding union jobs in traditional industries like steel and coal. The details of these incentives and investments remain to be specified.

Other key elements of her plan include:

* **Investing in U.S. basic technology research:** Through the National Science Foundation and other institutions, the plan seeks to boost scientific advancement.
* **Streamlining infrastructure development:** Harris proposed cutting red tape to expedite construction projects, including industrial facilities.
* **Reducing reliance on China:** The plan aims to use the Defense Production Act and other tools to bolster domestic processing of critical minerals, reducing reliance on Chinese supplies.

While Harris echoed Biden’s commitment to not raising taxes on households earning under $400,000 annually, she quietly endorsed most of the $5 trillion in tax hikes proposed by Biden over a decade. These include a minimum tax on high earners and an increased capital gains tax for those earning over $1 million. She also proposed raising the corporate tax rate to 28%, partially reversing the 2017 tax cuts.

Harris’s plan also includes:

* **Expanding the Child Tax Credit:** She seeks to permanently restore the COVID-era increase in the Child Tax Credit, and propose a $6,000 bonus for families with newborns.
* **Making housing more affordable:** The plan proposes tax credits for builders of affordable housing and first-time buyer homes, as well as a $25,000 tax credit for first-time homebuyer down payments.
* **Supporting small businesses:** Harris proposes increasing the tax deduction for new small business start-up costs to $50,000.
* **Lowering child care costs:** Her plan aims to ensure no family pays more than 7% of their income on child care.
* **Combating food price gouging:** Harris proposes the first federal ban on price gouging for food and groceries, targeting unfair price increases by corporations.

While details on the implementation and funding of these proposals remain unclear, Vice President Harris’s plan presents a comprehensive approach to bolstering the middle class, investing in the future, and addressing the cost of living crisis.

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