Vice President Kamala Harris has long championed economic policies aimed at reducing inequality and expanding support for families, a commitment she aims to uphold should she win the 2024 presidential election. Drawing from her experience in the Biden administration, Harris has outlined ambitious plans that focus on providing financial assistance to low- and middle-income families, expanding affordable housing, and creating new opportunities for disadvantaged communities. Below is a closer look at her key policy proposals.
Expanded Child Tax Credit: Supporting Families in the Early Years
The Child Tax Credit (CTC) has been a cornerstone of recent federal economic relief efforts, offering critical financial support to families with children. Harris has strongly supported previous expansions of this credit, which provided up to $3,600 per child under six and $3,000 for older children. Under her leadership, Harris would seek to increase the CTC further, aiming to offer families with newborns a $6,000 credit for the first year of their child’s life. This boost would especially benefit low- and middle-income households by reducing financial burdens associated with childcare, healthcare, and essential living costs.
By restoring the CNET to its 2021 levels and potentially increasing it for young children, Harris envisions a future where families receive the support they need from the very start, empowering parents to provide stability and security.
Monthly Tax Credits for Middle-Class Households
Harris has also proposed a tax credit specifically for middle-income families, an idea originally outlined in her LIFT the Middle-Class Act. This act would provide up to $500 per month to individuals earning under $100,000 annually. This monthly credit aims to ease the financial strain caused by rising living costs, offering families consistent, direct support to cover everyday expenses. Harris has made it clear that she sees this policy as a way to counteract the effects of the 2017 Tax Cuts and Jobs Act, which she believes disproportionately favored wealthier Americans.
This monthly credit program would not only provide families with a reliable safety net but would also stimulate local economies by increasing consumer spending, contributing to a healthier economy overall.
Tackling the Housing Crisis: 3 Million New Units and Financial Assistance for First-Time Buyers
The affordability of housing has become a significant challenge for many Americans, with prices continuing to rise due to supply shortages. Harris has pledged to address this issue by promoting the construction of three million new housing units over a four-year period. This initiative is intended to alleviate the housing shortage, making it easier for families to find affordable homes. She has also proposed incentives for builders who focus on creating starter homes for first-time buyers, which could help a new generation of Americans achieve homeownership.
In addition to building more homes, Harris supports a $40 billion “innovation fund” aimed at businesses that construct affordable rental housing. Furthermore, she aims to expand down payment assistance programs, offering up to $25,000 for eligible first-time buyers, which would bring homeownership within reach for more renters.
Student Loan Relief for Entrepreneurs in Disadvantaged Communities
Recognizing the heavy burden that student loan debt places on graduates, Harris has proposed a targeted relief plan for Pell Grant recipients who start businesses in underserved communities. Under this plan, these individuals could see up to $20,000 of their federal student loans forgiven if they operate their businesses for a minimum of three years in designated disadvantaged areas. This policy reflects Harris’s commitment to economic empowerment for marginalized communities and her belief in entrepreneurship as a pathway to prosperity.
This initiative, inspired by Harris’s earlier support of Biden’s broader student loan forgiveness plans, focuses on fostering both financial freedom and community development by encouraging investment in underserved areas.
Expanding Healthcare Access Through Strengthened ACA Subsidies
Healthcare access remains a central issue for Harris, who once advocated for a universal “Medicare for All” system. Over time, her position has evolved toward strengthening the Affordable Care Act (ACA) as the most practical way to achieve broader coverage. Harris’s healthcare plan includes preserving the enhanced subsidies introduced during the pandemic, which make private insurance plans more affordable for low- and middle-income households. Additionally, Harris supports Medicaid expansion in the ten states that have not yet adopted it, allowing more residents access to critical healthcare services.
Through these policies, Harris aims to close gaps in healthcare access, ensuring that all Americans, regardless of income or location, have affordable options for medical care.
Conclusion
Kamala Harris’s economic platform reflects her commitment to a fairer, more inclusive economy. By investing in child tax credits, monthly support for middle-income families, affordable housing, student loan relief, and expanded healthcare access, Harris seeks to build a future where American families can achieve financial security, pursue homeownership, and access quality healthcare. Her proposed policies emphasize both immediate relief and long-term growth, showing her belief in an economy that works for everyone.
