In 2020, American citizens will have to choose between the current President Donald Trump and former vice president of the country. This month Joe Biden made an important decision, as he announced his running mate. Senator Kamala Harris will be his running mare in the 2020 presidential election. Importantly, Harris shares of the former vice president’s economic priorities. Nevertheless, she is ready to work with different ideas and topics.
Her position regarding the coronavirus pandemic is quite progressive. She wants to help hard-pressed households affected by the pandemic. Importantly, she supported the idea of a $2,000 monthly stimulus check during the pandemic. Interestingly, Senator Bernie Sanders as well as former Democratic presidential contender Andrew Yang also supported this idea.
Moreover, Kamila Harris’ pledge to fight for social and racial has pandemic-specific ramifications. Low-income and communities of color experienced bigger problems than others.
It is worth mentioning that, in the short term, Harris promised to shore up the Affordable Care Act. She outlined a 10-year transition plan to modernize the country’s piecemeal health care system. Moreover, Harris also wants to limit soaring costs projected to reach as much as $6 trillion a year by the next decade.
Interestingly, she wants to introduce a tax on Wall Street trades. For example, stock trades would be taxed at 0.2% or $2 per 1,000. Moreover, bond trades would be taxed at half that.
However, it won’t be easy to implement this tax, as it could have a negative impact on financial activity. Kamala Harris wants to pay for an overhauled health care system by introducing a tax on Wall Street trades.
Economic policy and interesting details
The economic policy of Kamala Harris is quite interesting. For instance, she advocated for helping people struggling with the high cost of the rent. She proposed a tax credit for renters paying more than 30% of their income in rent and utilities.
However, this policy only addresses half the problem. Importantly, there is still a nationwide shortage of housing stock attainable for many lower and middle-income households. Notably, subsidizing rents could have am an unintended consequence. As a result, fewer people will be able to pay for the rent due to a high cost.
Kamala Harris stated support for a national $15-an-hour minimum wage. Also, she wants to penalize companies that try to avoid rules on worker pay as well as to support labor unions weakened by “right to work” laws.
Interestingly, the top priority for Harris is to reverse the Tax Cuts and Jobs Act supported by Republicans. Joe Biden as well as Kamala Harris supports higher taxes on businesses and wealthy households.
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