Kamala Harris' economic plan (1 Viewer)

[zztop]

I tried to note some key points, pulled from a few sources, but not sure if I missed some

Harris offers proposals to cut food and housing costs, trying to blunt Trump's economic attacks

Vice President Kamala Harris has announced a sweeping set of economic proposals meant to cut taxes and lower the cost of groceries, housing and other essentials for many Americans.

apnews.com

• proposed for a federal ban on price gouging by food producers and grocers.
• proposed $25,000 in down payment assistance for certain first-time homebuyers and tax incentives for builders of starter homes.
• unveiled her goal of adding three million new housing units during her first term. Additionally, she said, she would "fight for a law that cracks down" on "corporate landlords" that artificially inflate the price of their real estate holdings
• proposed tax breaks for families, as well as middle- and lower-income people, promising to expand the child tax credit to up to $3,600 — and $6,000 for children in their first year of life.
• proposed to enlarge the earned income tax credit to cover people in lower-income jobs without children — which the campaign estimates would cut their effective tax rate by $1,500 — and lower health insurance premiums through the Affordable Care Act
• voiced support for ending taxes on tips for service and hospitality workers last week

 

[MT15]

One of the important things I read somewhere was also stopping large corporations from making mass buys of homes in certain areas.

Also - GOP is calling her proposal “price controls” and I don’t think that is correct. I’m not up on economics, though, not my field.

I didn't know Harris’ bachelor degree was in economics until I read it tonight.

Mark Cuban liked what he heard, FWIW.

 

[LA - L.A.]

Just wanted to point out how much the news media is in the tank for Kamala Harris.

/sarcasm

 

[bird]

One of the important things I read somewhere was also stopping large corporations from making mass buys of homes in certain areas.

Also - GOP is calling her proposal “price controls” and I don’t think that is correct. I’m not up on economics, though, not my field.

I didn't know Harris’ bachelor degree was in economics until I read it tonight.

Mark Cuban liked what he heard, FWIW.

Price controls…Judas priest, these people just lie. They lie about everything. If they said the sun was shining I would open the blinds to check.

 

[B4YOU]

I tried to note some key points, pulled from a few sources, but not sure if I missed some

Harris offers proposals to cut food and housing costs, trying to blunt Trump's economic attacks

Vice President Kamala Harris has announced a sweeping set of economic proposals meant to cut taxes and lower the cost of groceries, housing and other essentials for many Americans.

apnews.com

• proposed for a federal ban on price gouging by food producers and grocers.
• proposed $25,000 in down payment assistance for certain first-time homebuyers and tax incentives for builders of starter homes.
• unveiled her goal of adding three million new housing units during her first term. Additionally, she said, she would "fight for a law that cracks down" on "corporate landlords" that artificially inflate the price of their real estate holdings
• proposed tax breaks for families, as well as middle- and lower-income people, promising to expand the child tax credit to up to $3,600 — and $6,000 for children in their first year of life.
• proposed to enlarge the earned income tax credit to cover people in lower-income jobs without children — which the campaign estimates would cut their effective tax rate by $1,500 — and lower health insurance premiums through the Affordable Care Act
• voiced support for ending taxes on tips for service and hospitality workers last week

So my thoughts:

• Price gouging: most anything puts in place will only have teeth during emergencies. Break up oligopolies in the meat industry and pre-packaged prepared foods.
• Down payment assistance: this will just raise home prices. Stop the corporate ownership of SFH, force sale of existing homes, and fund high density housing.
• New housing: need to see more specifics but banning AI price setting is just going to push each ownership group to develop their own AI price software
• Child tax breaks: yes
• EITC: yes
• Ending taxes on tips: no. Income is income. Raise the minimum server wage of 2.17 to 75-100% of minimum wage.

 

[GrandAdmiral]

Stop the corporate ownership of SFH, force sale of existing homes

Amen. Should've been happened. It's part of why rentals are overpriced as well.

Child tax breaks: yes

This is a jd Vance idea, right? RIGHT!?!

EITC: yes

Needs to be expanded...

Ending taxes on tips: no. Income is income. Raise the minimum server wage of 2.17 to 75-100% of minimum wage.

Amen on this as well. Agreeing with trump on this was not a good move. Income is income.


What I would like to hear Harris address is how she would handle the expiring Trump tax cuts. Trump has already made his intentions clear. I'd like to see her thoughts on what she'd like to see done.

 

[bird]

I want the entire tipping nonsense gone. Pay workers a living wage.

JD Vance wants child tax breaks but didn’t bother to vote for extending the tax credit.

As for the Trump tax cuts? Let them expire.

 

[fooferdoggie]

I want the entire tipping nonsense gone. Pay workers a living wage.

JD Vance wants child tax breaks but didn’t bother to vote for extending the tax credit.

As for the Trump tax cuts? Let them expire.

he is lying about that it just trying to make up for the cat lady insults. I don't think there is anything in the 2025 about child tax breaks.

 

[zztop]

I want the entire tipping nonsense gone. Pay workers a living wage.

Same here. I never understood how a business could get away with paying less than minimum wage, and have employees subject to the whims of customers

edit: not saying minimum wage is a living wage, just that it's weird to have two different wage standards depending on the job. Also, I found this info:

America’s first minimum-wage law, passed by Congress in 1938, allowed states to set a lower wage for tipped workers, but it wasn’t until the ’60s that labor advocates persuaded Congress to adopt a federal tipped minimum wage that increased in tandem with the regular minimum wage. In 1996, former Godfather’s Pizza CEO Herman Cain, who was then head of the National Restaurant Association, helped convince a Republican-led Congress to decouple the two wages. The tipped minimum has been stuck at $2.13 ever since.

 

[Sendai]

I want the entire tipping nonsense gone. Pay workers a living wage.

JD Vance wants child tax breaks but didn’t bother to vote for extending the tax credit.

As for the Trump tax cuts? Let them expire.

Interesting that the 2017 tax legislation results in the third highest tax revenues as a percentage of GDP in the history of income taxes.

Federal Receipts as Percent of Gross Domestic Product

Graph and download economic data for Federal Receipts as Percent of Gross Domestic Product (FYFRGDA188S) from 1929 to 2023 about receipts, federal, GDP, and USA.

fred.stlouisfed.org

We don’t have a revenue problem, we have a spending problem.

 

[Nebaghead]

Interesting that the 2017 tax legislation results in the third highest tax revenues as a percentage of GDP in the history of income taxes.

Federal Receipts as Percent of Gross Domestic Product

Graph and download economic data for Federal Receipts as Percent of Gross Domestic Product (FYFRGDA188S) from 1929 to 2023 about receipts, federal, GDP, and USA.

fred.stlouisfed.org

We don’t have a revenue problem, we have a spending problem.

That one year is an outlier (2022). The other 4 years of the tax cuts are below the year before the tax cuts occur. CBO projections are matching actual. 3.6 Trillion of Debt created from reduced tax revenue.

 

[bird]

Interesting that the 2017 tax legislation results in the third highest tax revenues as a percentage of GDP in the history of income taxes.

Federal Receipts as Percent of Gross Domestic Product

Graph and download economic data for Federal Receipts as Percent of Gross Domestic Product (FYFRGDA188S) from 1929 to 2023 about receipts, federal, GDP, and USA.

fred.stlouisfed.org

We don’t have a revenue problem, we have a spending problem.

Um, bullschlitz. Don’t care about that? Why? Because you don’t cut your revenue, period.

 

[bird]

Interesting that the 2017 tax legislation results in the third highest tax revenues as a percentage of GDP in the history of income taxes.

Federal Receipts as Percent of Gross Domestic Product

Graph and download economic data for Federal Receipts as Percent of Gross Domestic Product (FYFRGDA188S) from 1929 to 2023 about receipts, federal, GDP, and USA.

fred.stlouisfed.org

We don’t have a revenue problem, we have a spending problem.

Federal Receipts as Percent of Gross Domestic Product

Graph and download economic data for Federal Receipts as Percent of Gross Domestic Product (FYFRGDA188S) from 1929 to 2023 about receipts, federal, GDP, and USA.

fred.stlouisfed.org

Interesting that the receipts as a percentage of GDP was higher multiple times before and after 2017.

 

[LA - L.A.]

That one year is an outlier (2022). The other 4 years of the tax cuts are below the year before the tax cuts occur. CBO projections are matching actual. 3.6 Trillion of Debt created from reduced tax revenue.

Sendai sure does love himself some deceptive cherry picking. It's the best he can do to try to replace the legs he doesn't have to stand on.

 

[UriUT]

So my thoughts:

• Price gouging: most anything puts in place will only have teeth during emergencies. Break up oligopolies in the meat industry and pre-packaged prepared foods.
• Down payment assistance: this will just raise home prices. Stop the corporate ownership of SFH, force sale of existing homes, and fund high density housing.
• New housing: need to see more specifics but banning AI price setting is just going to push each ownership group to develop their own AI price software
• Child tax breaks: yes
• EITC: yes
• Ending taxes on tips: no. Income is income. Raise the minimum server wage of 2.17 to 75-100% of minimum wage.

MSN

Josh Barro makes the point here that though her plan doesn't make economic sense, it's a popular policy that may help her win. She needs to be perceived as active in driving down costs. Housing appears to be a supply issue. Price gouging can be remedied by more antimonopolistic actions, which biden's admin was already doing. Really, what is really driving inflation now? Insurance and housing. Energy seems to be back in line.



This guy is a good follow for gas price patterns.

Here the ftc acknowledges that grocers were gouging, but didn't really outline a solution. Fines?

What's next after the FTC said the biggest grocers were inflating food costs? • Ohio Capital Journal

The Federal Trade Commission in March released a report saying that the three largest grocers "accelerated and distorted" food costs amid supply disruptions caused by the coronavirus pandemic.

ohiocapitaljournal.com

The commission is already suing to block a proposed merger between Cincinnati-based Kroger and Boise, Idaho-based Albertsons, arguing that the deal will “eliminate fierce competition … leading to higher prices for groceries and other essential household items for millions of Americans.”

 

[MT15]

Here Harris is asked about the “cost” of expanding the CTC, and gives a good answer - the cost of childhood poverty is much, much worse. Oh, and weren’t we all informed she is incapable of speaking off the cuff and without a teleprompter?

 

[MT15]

She has also proposed putting the corporate tax rate up to 28%, Trump moved it from 32% to 21%.

 

[UriUT]

Here Harris is asked about the “cost” of expanding the CTC, and gives a good answer - the cost of childhood poverty is much, much worse. Oh, and weren’t we all informed she is incapable of speaking off the cuff and without a teleprompter?

I agree with this very much. That's why we should have progressive taxes funneling wealth downwards. Innovations in general is what moves society forward. It drives productivity. Creativity, passion, desire, imagination, intelligence, wisdom aren't exclusive to the wealthy. And there are more people at the bottom. Yes, it's an investment. And investment in equal opportunity, which is what we should strive for as a society. What is the point of allowing a person to have more than one yacht?