London Daily

Focus on the big picture.

Kamala Harris' economic policy: Roll back tax cuts, expand health care and middle-class tax breaks

Kamala Harris' economic policy: Roll back tax cuts, expand health care and middle-class tax breaks

Much like Biden, Harris is an advocate of higher taxes on businesses and high-income households, economists say.

Sen. Kamala Harris has a reputation as a prosecutor who cut both ways. Similarly, her positions on economic issues ranging from affordable housing to Wall Street have elicited muted praise — along with some caveats.

As Joe Biden’s choice for vice president, Harris, a California Democrat, shares many of the former vice president’s economic priorities, but she has also shown a willingness to go her own way or reach into the more progressive end of the party’s toolkit on a broad array of financial and economic hot-button topics.

The pandemic


“I think her policy perspective is very consistent with the need to help hard-pressed households that have been slammed by the pandemic,” said Mark Zandi, chief economist at Moody’s Analytics. “I think she’s focused on the right things.”

Most notably, Harris supported the idea of a $2,000 monthly stimulus check during the pandemic, a policy also advocated by Sen. Bernie Sanders, I-Vt., and former Democratic presidential contender Andrew Yang.

“The platform of the day that’s going to get people's attention has to be pandemic policy,” said Joseph Mason, professor of finance at Louisiana State University. “The $2,000 per person makes complete sense. This is a pandemic. This is something very, very rare."

Mason also said that Harris’ pledge to fight for social and racial justice has pandemic-specific ramifications, given that low-income and communities of color have been disproportionately hit by COVID-19. Democratizing access to a vaccine, when one becomes available, by insuring that low-income and essential workers are near the front of the queue could provide Harris with populist support and momentum for more wide-ranging health, safety and security initiatives, he said.

“There's a tremendous opportunity to promote social unity in line with meaningful public health goals by making sure that grocery store workers, fast-food workers — all these people who have been in touch with the public, toiling away to provide for their families — can get it,” Mason said. “You’re showing that there’s not an elitism. That would be, to me, a tremendous public health and social initiative. You can leapfrog from that into health care access.”

Health care costs


In the short term, Harris pledged to shore up the Affordable Care Act, and outlined a 10-year transition plan to overhaul the nation’s piecemeal health care system and rein in soaring costs projected to reach as much as $6 trillion a year by the next decade.

Initially a proponent of the “Medicare for All” cause championed by Sanders, Harris later backpedaled (a reversal some pundits said caused her to lose ground in the primary fight) and introduced a hybrid that would include a public Medicare option while still letting for-profit insurers compete.

Harris touted many proposals first pushed by Sanders to pay for the program, including changes to income, payroll and estate taxes to make them more progressive in addition to higher taxes on businesses and the richest Americans.

Wall Street


While similar to Sanders’ overall model for paying for an overhauled health care system, Harris tweaked her version by lopping out an incremental income tax increase she said would hit the middle class too hard and replacing it with a tax on Wall Street trades: Stock trades would be taxed at 0.2 percent, or $2 per $1,000, and bond trades would be taxed at half that.

Experts say this would have to be done strategically to avoid inadvertently squashing financial activity or driving it to offshore tax havens. “I do think you have to be very careful how that’s designed and implemented, but I definitely think that’s a place we should look for additional revenue,” Zandi said.

“We found that there is reason to be cautious about the design of any financial transaction tax, particularly if you design it so it can be easily evaded,” said Garrett Watson, senior policy analyst at the Tax Foundation. “Especially looking at that as a revenue source for health insurance, you need that to be a stable source of revenue."

Housing Affordability


Harris advocated for helping people struggling with the high cost of rent, proposing a tax credit for renters paying more than 30 percent of their income in rent and utilities. “Prior to the pandemic, one of the key policy concerns was around the affordable housing crisis, both for rent and homeownership,” Zandi said. “It was contributing to the increase in homelessness, which she obviously saw firsthand in California.”

But economics experts caution that this policy only addresses half the problem: There is still a nationwide shortage of housing stock attainable for many lower- and middle-income households, and subsidizing rents could have an unintended consequence of driving those costs higher. “I’d be paying more attention to increasing the supply of affordable housing as opposed to helping support rental payments,” Zandi said.

“I think it is good to get off this platform of everyone should own a home … so rental assistance is worthwhile,” Mason said. “Anytime you give a subsidy like that, you’re aiding a market … You need to make sure that just doesn’t leak out the other side in profit,” he said. “It’s a complex web of incentives.”

Income and taxes


Harris has stated support for a national $15-an-hour minimum wage, and said she wants to penalize companies that skirt the rules on worker pay and “empower” labor unions that have been weakened by “right to work” laws.

But a much higher-profile priority for Harris is the reversal of the GOP-backed Tax Cuts and Jobs Act decreases in tax rates for businesses and rich Americans. “Much like Biden, she’s an advocate of higher taxes on businesses and higher-income, wealthy households,” Zandi said.

The platform laid out on Harris’s website promised to “reverse President Donald Trump’s trillion-dollar tax cut for big corporations and the top 1 percent.” Those funds would go toward one of her signature policy initiatives: a refundable tax credit that would effectively function as a big expansion of the Earned Income Tax Credit.

The LIFT (Livable Incomes for Families Today) the Middle Class Act, which Harris introduced in 2018, would give a tax credit of up to $6,000 for households with annual income under $100,000.

On this issue, Watson said Harris was pushing the envelope further than her would-be boss. “We haven't seen something of that scope or scale from Biden,” he said. “One perceived advantage is you take something like that and make it permanent… and move the ball forward on what they think is good tax policy in the long run.”

Comments

Oh ya 4 year ago
This nutbar is so far left she makes socialists look right wing . biden did not pick her, he cant even pick out matching socks. If you want to experience what living in Venezuela is like today vote this socialist in. She will be President in a month after they send Biden of to shady acres to be with corn pop. Liberalism find the cure

Newsletter

Related Articles

London Daily
0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
You Are So Beautiful
Rob Schneider explains California reparations legislation.
Postmodern Jukebox European Tour Version
Who knew badminton could get so intense?
An old French tune (by Georges Brassens) Pomplamoose ft. John Schroeder
Farmers break through police barriers in Brussels.
Sattahip Motor Show 20
London's Iconic British Telecom Tower Sold To Become Hotel
SONATE AU CLAIR DE LUNE - Moonlight sonata
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
A kiss to build a dream on
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Wonderful Tonight - Eric Clapton (Boyce Avenue acoustic cover)
Russia Claims UK Cultural Agency Spied for Ukraine
Mean Blues
Apple warns against drying iPhones with rice
La Chansonnette
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
Pattaya Addicts
German economy is in 'troubled waters' - ministry
Franz Liszt - Liebestraum - Love Dream
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Dream a little dream of me
New video
Unchained Melody sung like you've NEVER heard!
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Dave Brubeck - Take Five
Russia is rebuilding capacity to destabilize European countries, new UK report warns
Édith Piaf - Non, Je Ne Regrette Rien (Sofie)
EU Commission wants anti-drone defenses at Brussels HQ
Rondo Alla Turca
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
Kiss of fire
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Tom Jones - I´ll Never Fall In Love Again 1967, 1989, 2001
Prince William Urges End to Gaza Conflict
Israel Cachao López - Guajira Clásica
UK court to hear Assange's final appeal against extradition to the US, where he faces charges related to his journalistic work—the publication of a classified video in 2010 that exposed US war crimes against humanity.
Edward Maya - Stereo Love (feat. Vika Jigulina) (Extended Mix)
About 50-60% kids either chose to be YouTuber or influencer
Strauss - Radetzky March - Karajan
A viral video of Nationals MP Barnaby Joyce lying on a Canberra footpath is celebrated by his media mates.
La vie en rose
European Countries React to Navalny's Death by Summoning Russian Diplomats
The Temptations - My Girl (Smokey Robinson Tribute) 2006 Kennedy Cent
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
Orlando Cachaito Lopez Redencion
English farmers to be offered ‘largest ever’ grant scheme amid food security concerns
Edith Piaf - NON, JE NE REGRETTE RIEN
Cameron government knew Post Office ditched Horizon IT investigation
RADETZKY MARCH-2008-Wien, New Year Concert
EU Calls for Immediate Ceasefire in Gaza Conflict
Only you (And you alone)
EU Vows To Hold Putin "Accountable" After Meeting Alexei Navalny's Wife
Strangers In The Night
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
Charles Aznavour - La Boheme
The EU Initiates Naval Mission to Defend Red Sea Trade Routes
Summer time
EU and UK Announce Joint Effort on Migration
Sting and Stevie Wonder - Fragile (from Sting's 60th birthday concert)
Brazil's Lula Likens Gaza Operation to Holocaust, Israel Says "Red Line" Crossed
Aux Champs Elysees
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Stand By Me - Ben E. King (Boyce Avenue acoustic cover)
Microsoft-backed OpenAI valued at $80bn after company completes deal
La Mer (Beyond the Sea) – Avalon Jazz Band
‘Alexei would want to tell Russia not to give up fighting’
She
Rwandan Footballer's Dismissal Sparks Concerns Over UK Asylum Plan
Nathalie Song by Enzo Petrachi Stjepan Hauser Cello
Whisky Challenges China's Baijiu Market During New Year Celebrations
Shape of My Heart - Sting (Boyce Avenue acoustic cover)
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
Radiohead - Creep
Putin Critic Alexei Navalny's "Killers" Refusing To Hand Over Body, Say Allies
Quizás,Quizás,Quizás - Andrea Bocelli - Jennifer Lopez
"Historic Step": Zelensky Signs Security Pact With Germany
Perhaps, Perhaps, Perhaps - Multi-Couples
"Historic Step": Zelensky Signs Security Pact With Germany
Pentatonix Havana
20 Tech Giants Sign Effort To Fight AI Election Interference Across Globe
Paula Cole - Autumn Leaves
Joe Biden Accuses Putin of Causing Navalny's Death
Oscar Benton Bensonhurst Blues
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
OH NANANA vs ABUSADAMENTE
Tucker Carlson grocery shopping in Russia. This is so interesting.
Nina Simone - ”I Put A Spell On You”. Vezi aici cum cântă Jeremy Ragsd
Julian Assange's Wife Warns of His Death if Extradited to US
NIGHTWISH - The Phantom Of The Opera
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Motorshow 2016 Tanjay Negros Oriental
Greece Legalizes Same-Sex Marriage and Adoption Rights
Monica Bellucci - Ti Amo
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Michael Jackson - Billie Jean Milena The Voice France 2018
In Britain Homeowners are receiving CPO’s (Compulsory Purchase Orders) so their homes can be redistributed to migrants
Michael Buble (Help Me Make It Through The Night) feat Loren Allred
Memories Canon In D - Maroon 5 (Boyce Avenue piano acoustic cover)
Matteo Simoni - Marina
Maroon 5 - One More Night
Maroon 5 - Memories
Mark Knopfler - Brothers In Arms (Berlin 2007 Live)
Mark Knopfler & Emmylou Harris - Romeo And Juliet (Real Live Roadrunni
Marina, Marina - The LUCKY DUCKIES intimist live concert at Guimarães
Major Lazer & DJ Snake – Lean On Mauranne The Voice France 2016
Love Theme from Romeo and Juliet - Joslin - Henri Mancini, Nino Rota
LoLa & Hauser - Love Story
Linkin Park Jay-Z - Numb Encore (Live 8 2005)
Hallelujah Mennel Ibtissem, The Voice France Leonard Cohen
Leonard Cohen - Dance Me to the End of Love
Leonard Cohen & Natasha Rostova - Dance me to the end of love
La casa de papel - Bella Ciao
La Camisa Negra
L'italiano (Toto Cutugno) - The Gypsy Queens
Juanes - La Camisa Negra
Jonathan and Charlotte - Britain's Got Talent 2012 Live Semi Final - U
John Powell - Assassin's Tango
Joe Cocker - You Can Leave Your Hat On (LIVE in Dortmund)
Joe Cocker - Unchain My Heart 2002 Live
Joe Cocker - A Whiter Shade Of Pale
Jay Z & Alicia Keys - Empire State of Mind LIVE
Jason Mraz - Im Yours (live)
Jarrod Radnich - Bohemian Rhapsody - Virtuosic Piano Solo
James Blunt - You're Beautiful
James Blunt - You're Beautiful & Bonfire Heart (Live at The Nobel Peac)
If You Go Away - Helen Merrill & Stan Getz (Tribute to Virna Lisi)
I'LL BE MISSING YOU
I Say a Little Prayer
Hotel California ( Eagles ) 1994 Live
Historia de un amor - Luz Casal. Vezi interpretarea Biancăi Sumanariu
Here Comes The Sun - The Beatles (Boyce Avenue acoustic cover) on Spot
Heart - Stairway to Heaven Led Zeppelin - Kennedy Center Honors
HAVANA by Camila Cabello Zumba Pre Cooldown TML Crew Kramer Pastra
HAUSER and Señorita - I Will Always Love You
HAUSER - Waka Waka
HAUSER - Sway
HAUSER - Lambada
HAUSER - Historia de un Amor
HAUSER - Despacito
Great Pretender
Georgia May Foote & Giovanni Pernice Samba to 'Volare' - Strictly Come
Gary Moore - Still Got The Blues
GIPSY KINGS VOLARE Penelope Cruz
Fugees - Killing Me Softly With His Song
French Latino - Historia de un Amor
For A Few Dollars More The Danish National Symphony Orchestra (Live)
Flashdance • What a Feeling • Irene Cara
Filip Rudan - “Someone You Loved” Audicija 4 The Voice Hrvatska Sez
Eric Clapton - Wonderful Tonight
Enya - Only Time
Enrique Iglesias - Bailando (English Version) ft. Sean Paul
Enrique Iglesias - Bailamos
Elena Yerevan Historia de un amor
Ed Sheeran - Shape of You (Official Music Video)
Ed Sheeran - Perfect Symphony [with Andrea Bocelli]
Ed Sheeran - Perfect (Official Music Video)
Easy On Me - Adele (Boyce Avenue 90’s style piano acoustic cover) on S
ERA - Ameno
ELENA YEREVAN- Cancion Del Mariachi-IN STUDIO-2017 DPR
Dust In The Wind - Kansas (Boyce Avenue acoustic cover)
Don't Let Me Be Misunderstood
Despacito x Shape Of You - Pentatonix
Deep Purple - Child In Time - Live (1970)
David Foster When A Man Loves A WomanIt's A Mans World (SealMichael Bo
Dance me to the end of Love ( Pi-Air Design )
Coolio - Gangsta's Paradise (feat. L.V.) [Official Music Video]
Conquest Of Paradise (Vangelis), played on Böhm Emporio organ
Cielito Lindo
Chico & The Gypsies - Bamboleo
Canción Del Mariachi - Antonio Banderas, Los Lobos • Desperado
Camila Cabello - Havana (Audio) ft. Young Thug
Camila Cabello - Havana ( cover by J.Fla )
California Dreamin' - The Mamas & The Papas José Feliciano (Boyce Ave
Buster Benton - Money Is The Name of The Game
Hallelujah Pentatonix
Bobby McFerrin - Don't Worry Be Happy (Official Music Video)
Bob Dylan - Knockin' On Heaven's Door Emilia The Voice Kids France
Besame Mucho - Cesaria Evora
Ben E. King - Stand by Me Sax Cover Alexandra Ilieva Thomann
Bella Ciao
Bella Ciao - INSTRUMENTAL
Beautiful in White x Canon in D (Piano Cover by Riyandi Kusuma)
Bad Romance - Vintage 1920's Gatsby Style Lady Gaga Cover ft. Ariana Savalas & Sarah Reich(1)
BELLA CIAO 2020 - KARAOKE ITALIANO
BAMBOLEO - Gipsy Kings • Antonio Banderas, Katya Virshilas
BAILANDO (original)
Awesome Ukrainian yodeler - SOFIA SHKIDCHENKO (with English subtitles)
Avicii - The Nights
Atom - The Great Gig in the Sky
Aretha Franklin - (You Make Me Feel Like) A Natural Woman (Official Ly
Antonio Banderas - Cancion del Mariachi (Desperado)
André Rieu - Zorba's Dance (Sirtaki)
André Rieu - Can't Help Falling In Love
André Rieu & Mirusia - Ave Maria
Andrew Reyes Elton John - Don't Let The Sun Go Down The Voice 2020 (
Andreas Kümmert Whiter Shade Of Pale The Voice of Germany 2013 Showd
And I Love You So
All About That Bass - Postmodern Jukebox European Tour Version
Alan Walker - Faded (Piano Cover)
Ain't No Sunshine -- Bill Withers (cover by Canen 12 y.o.)
African music
Adriana Vidović - “Creep” Audicija 4 The Voice Hrvatska Sezona 3
Adriana Vidović - “Believer” Nokaut 3 The Voice Hrvatska Sezona 3
A Fistful of Dollars - The Danish National Symphony Orchestra and Tuva
4 Beautiful Soundtracks Relaxing Piano [10min]
2CELLOS - Whole Lotta Love vs. Beethoven 5th Symphony [OFFICIAL VIDEO]
2CELLOS - Smooth Criminal (Live at Suntory Hall, Tokyo)
2CELLOS - Smells Like Teen Spirit [Live at Sydney Opera House]
2CELLOS - Despacito [OFFICIAL VIDEO]
13 Year Old Girl Playing Il Silenzio (The Silence) - André Rieu
094.All About That Bass
00 - SADNESS PART 1
(Ghost) Riders In the Sky (American Outlaws Live at Nassau Coliseum, 1
(Everything I Do) I Do It For You - Bryan Adams (Boyce Avenue ft. Conn
What a wonderful world
Moon river
×