Live Fact Check: Night 2 of the Democratic National Convention
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WASHINGTON – Vice President Kamala Harris has unveiled a series of new economic proposals on food prices, taxes, housing and health care costs that she says will empower the middle class.
WATCH: Harris Launches Economic Proposals Aimed at Lowering Prices for Americans
The plans are the first primary policy proposals Harris has released in just four weeks since President Joe Biden dropped out of the race and endorsed his vice president.
A review of what Harris offers:
After years of polls showing Americans worried about inflation, Harris aims to engage stocks where they feel the most: in the supermarket. He promises, in his first hundred days in office, to send to Congress proposed federal limits on value increases for food manufacturers and grocers. Harris is also seeking new authority for the Federal Trade Commission and state attorneys general across the country to impose harsher consequences on violators. It also needs to use government regulators to crack down on mergers and acquisitions between giant corporations in the food sector. an industry that, according to the vice president, has contributed to the increase in prices.
Harris is calling for the structure of 3 million new homes in 4 years, which she said would alleviate a “severe housing shortage in United States. “He plans to announce a law that creates a new set of tax incentives for developers who build “new” homes sold to first-time homebuyers.
He also wants a $40 billion innovation fund — double the same amount created during the Biden administration — for companies building rental housing. Harris also needs to speed up the authorization and review processes to get housing inventory to market more quickly.
WATCH: Why Austin’s Low-Income Renters Struggle to Find Affordable Housing
Harris further claims that he can reduce rental prices by restricting investors who buy houses wholesale, as well as restricting the use of pricing outfits that he says inspire collusion to generate profits between landlords. He also needs to expand a Biden administration plan for a possible $25,000 down payment to some renters who buy a home to include a much broader organization of first-time homebuyers across the country.
The vice president also approved the reuse of some federal land to make way for new housing, a concept Biden endorsed when he was still a candidate for president and which Trump also spoke favorably of.
Harris needs to boost the Biden administration’s efforts that have allowed Medicare and other federal systems to negotiate with drugmakers to lower the cost of prescription drugs, with the goal of reducing the value of some of the most expensive and used drugs by about 40 percent. to 80% from 2026. He also promised to publicize the festival by taking steps to increase transparency in the pricing practices of pharmaceutical companies.
READ MORE: FDA Authorizes Florida to Import Prescription Drugs from Canada
Harris pledged to work with state entities to cancel $7 billion in medical debt for up to 3 million eligible Americans.
The vice president also proposed permanently maintaining an approved $3,600 tax credit for children through 2025 for eligible families, while providing new $6,000 tax credits for those with newborns. She says the Harris administration would work to expand the income tax revenue stream. Credits to reduce taxes for some frontline employees up to $1,500 and reduce taxes on physical care plans introduced in the marketplace created through the Affordable Care Act.
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