WASHINGTON – After the president-elect vowed to crack down on companies that prey on consumers, Kamala Harris set out to prove on Wednesday that she is a capitalist whose policies will help businesses that play by the rules.
Harris told Pittsburgh business leaders that he believes most companies want to do right by their employees and customers. The Democratic candidate, who has spent his entire career in government and wants to increase taxes on businesses, said he will pursue relationships between his administration and the business community.
“I’ve always been a strong supporter of labor and unions,” Harris said to applause. “I also believe that we need to unite those who create most of the jobs in America. Look, I’m a capitalist. I believe in free and fair markets. I believe in consistent and clear rules of the road to create a sustainable environment. of business.”
Harris’ first major economic proposal in the 2024 race was a commitment to federal prosecutors on companies suspected of overcharging for food and groceries, and instructing them to investigate possible relationships among the top food companies.
He also proposed lowering the cost of housing by preventing Wall Street investors from buying homes in droves, a practice Democrats say hoards assets and raises costs for American families. Harris said he would put $35 a month on insulin and reduce out-of-pocket costs for prescription drugs by $2,000 a year.
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Republican presidential candidate Donald Trump has called Harris a “Marxist” — he says he’s a capitalist — and has nicknamed him “Comrade Kamala” in connection with his campaign policies, which include a proposed government ban on price movements in the food and grocery industry. as a means of facilitating price growth. It’s one of several proposals Harris has made that isn’t a continuation or expansion of the Biden administration’s priorities.
Harris also proposed tax incentives to encourage homebuilders to build homes for first-time buyers and said he would increase the homeowner’s deduction from $5,000 to $50,000 to boost business productivity. small.
The Democratic candidate said he would pay for his proposals by raising the corporate tax rate to 28% from 21%, the same rate that Republicans in Congress did when Trump was in office. Trump has said that if he is re-elected, he will lower the rate to 15% for companies that make their products in the US.
“With the vision I’m laying out today, we’re not only going to stop our businesses from going to other countries, but under my leadership, we’re going to take jobs from other countries,” Trump said in a Tuesday speech on the economy. Georgia. .
Harris lays out the economic “philosophy” of Pittsburgh
In his speech Wednesday, Harris said he would encourage cooperation between the government and private businesses as a way to grow the middle class.
Harris drew on his middle-class upbringing to emphasize that he will take a proactive approach to economic policy that balances the needs of businesses and families trying to stay afloat.
“As president I will be based on my basic principles. of justice, dignity and opportunity. And I promise you, I will be pragmatic in my approach,” Harris said at the Economic Club of Pittsburgh.
Borrowing a phrase from former President Franklin Delano Roosevelt, Harris said he would pursue “bold, persistent, unrelenting effort” that is not “repressed by ideology” and seeks “practical solutions” to practical problems. with metrics and data and stay focused on the crisis and the long term. – time goals for the country.
Among the proposals Harris presented: a $6,000 child tax credit for families with newborns and a $25,000 down payment assistance for first-time homebuyers.
“I don’t want you to worry about paying your monthly rent if your car breaks down, I want you to save money for your child’s education, to take a nice vacation every now and then. to buy Christmas presents for your loved ones without worrying about checking your bank statement,” said Harris. “I want you to be able to build some wealth.”
Harris said he would cut taxes for middle-class Americans and give every American access to paid leave that can be used to care for children and elderly parents.
He asked his late mother, a cancer researcher at a government-funded laboratory, whom he said he had to take care of when she was diagnosed with the disease, and compared the vision his “strong middle class” and Trump’s agenda.
“He has no intention of growing our middle class. He’s only interested in improving the lives of people like him—the wealthiest of Americans. You can see it expressed in his economic agenda. ,” Harris said in Pittsburgh.
More heartbreaking than Harris, Trump’s economic policies
Harris and Trump have been tight-lipped about the details of how their plans would lower costs.
Trump has said he will go around Congress to impose tariffs of up to 20% or more on imports. Harris and other economists have weighed in on Republican production and sales taxes that could hurt consumers and US companies alike.
To implement most of his proposals, Harris would work with the legal department. For example, the ban on price gouging and tax rebates for businesses and consumers will need court approval.
Focused economic programs
Harris’ choice to make his economic case to Pittsburgh’s business community is a sign of how his campaign is focusing on the race six weeks from the election. It is a major industrial city that he has visited repeatedly in the nearly two months since he became the Democratic nominee, including during his preparations for his only debate against Trump.
Trump had a nearly six-point lead over Harris when it came to the economy in a USA TODAY/Suffolk University poll released earlier this month. The national poll gave Harris a four-point lead in the race overall. A separate Pennsylvania poll found Harris ahead of Trump in Pennsylvania. The result was borderline error.
His campaign this week released a letter from more than 400 economists endorsing him over Trump. The letter said Trump’s policies could accelerate inflation, hurt GDP growth and increase unemployment.
Contributor: Swapna Venugopal Ramaswamy
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