As the 2024 presidential election approaches, Kamala Harris's potential presidency raises questions about the future of the U.S. economy. Harris, who has largely aligned with President Joe Biden's economic policies during her vice presidency, is expected to champion a progressive economic agenda that could reshape various aspects of American life.
Healthcare Reforms
One of the cornerstones of Harris's economic vision is healthcare reform. During her 2020 presidential campaign, she advocated for a transition to a government-supported health insurance system, aiming to expand coverage without completely eliminating private insurance. Her plan, which was more progressive than Biden's but less radical than Bernie Sanders' Medicare-for-All proposal, sought to generate revenue through taxes on Wall Street transactions and changes to the taxation of offshore corporate profits. This approach could significantly impact the healthcare industry and the broader economy by potentially reducing costs for consumers and increasing access to medical services.
Tax Policies
Harris has consistently supported increasing taxes on corporations and the wealthy to fund social programs and reduce economic inequality. She has proposed raising the corporate income tax rate to 35%, a significant increase from the current 21% set by the 2017 Tax Cuts and Jobs Act. Additionally, Harris's 2019 LIFT the Middle Class Act aimed to provide tax relief to middle-class families, which she may revisit if elected. These tax policies could lead to increased government revenue, which could be used to fund various social programs, but they may also face opposition from businesses and conservative lawmakers.
Support for Small Businesses
Harris's track record shows a strong commitment to supporting small businesses, particularly those owned by minorities. Early in her vice presidency, she emphasized the need for banks to expedite lending processes for small businesses struggling during the pandemic-induced recession. This focus on small business support is likely to continue, potentially leading to policies that provide more accessible funding and resources for entrepreneurs, which could stimulate economic growth and job creation.
Addressing Economic Inequality
Reducing economic inequality is a central theme in Harris's economic agenda. She has proposed various measures to address this issue, including increasing the minimum wage and enhancing affordable housing options. As a senator, Harris introduced the Rent Relief Act, which aimed to provide a refundable tax credit for renters spending over 30% of their income on rent and utilities. Such policies could alleviate financial pressures on lower-income families and contribute to a more equitable economy.
Prescription Drug Costs
Harris has also been vocal about reducing prescription drug costs. Her "People over Profit" initiative included provisions to penalize pharmaceutical companies that raise prices beyond inflation rates and to allow the federal government to set "fair prices" for drugs sold at lower costs in comparable countries. These measures could lead to significant savings for consumers and reduce the financial burden of healthcare.
