What a Kamala Harris administration means for your wallet | Real Time Headlines

and Trillions in tax breaks Expires after 2025, tax and federal budget deficit Experts say this will be a key issue Harris needs to address as part of her platform.

Dozens of provisions in the Tax Cuts and Jobs Act (TCJA), including those that lowered the Taxes and Jobs Act, will expire if Congress fails to act. federal income bracketa larger standard deduction and a more generous child tax credit, and other changes. This could mean higher taxes More than 60% The number of filers, according to the Tax Foundation.

Broadly speaking, Harris appears to be “largely supportive” of most, if not all, what Biden and his administration are pushing, said Garrett Watson, senior policy analyst and modeling manager. , “especially when looking at the big picture.”

Biden appeals Higher taxes on wealthy Americans and company.

Watson said a big question is whether Harris will stick to Biden’s promise not to raise taxes on people making less than $400,000 a year.

Last week, Harris also touted the administration’s Expand child tax credit Political events in North Carolina during the pandemic have been a priority for Biden and the Democratic Party.

However, Watson noted that Harris expressed some differences with Biden before she became vice president.

During the 2020 presidential campaign, Harris called for repeal of the TCJA’s corporate tax rate, which lowered the top tax rate from 35% to 21%. Her repeal would return the top tax rate to 35%. By contrast, Biden calls for raising the corporate tax rate to 28% in 2024.

— Kate Dole

During Harris’ 2020 presidential campaign, she supported “National health insurance” plans to expand access to health care and lower costs for consumers. She described health care as a “right,” not a “privilege.”

Under the proposal, all Americans would transition to a Medicare health plan (either public or offered by a private insurance company) within 10 years.

Drew Altman, president and CEO of KFF, a nonprofit health policy research organization, said Harris is unlikely to pursue the plan in the current presidential campaign if selected as the candidate. That’s because Democrats appear to have coalesced around Biden’s “kitchen table” proposals to lower health care costs, he said.

For example, in 2022, Biden signed the Inflation Lowering Act, which expansion Strengthening Affordable Care Act subsidies to make ACA health plans more affordable mega Number of households; these subsidies will continue until 2025. capped Insulin has a monthly copay of $35 for Medicare beneficiaries.

Altman said Harris may seek to expand health insurance coverage under the Affordable Care Act and Medicaid. she might try to expand Prescription Drug Price Negotiationcurrently only available to Medicare beneficiaries, and some medicationsHe said.

Additionally, Fatima Goss Graves, president of the National Women’s Law Center Action Fund, said abortion could become a “defining issue” in the 2024 elections. She said Harris is one of the Democratic Party’s “strongest and most effective voices” on protecting abortion.

abortion is an economic issue“Ultraman said.

He said women often have to weigh affordability and career advancement when choosing to have children. women in states that have enacted laws abortion ban —After the Supreme Court’s decision in 2022 Overturning Roe v. Wade — Missed work and paid traveling abroad Formalities.

— Greg Yacusi

Harris has Help promote Biden’s historic policy to forgive student loan borrowers’ debt, and may continue the president’s efforts“, experts said.

However, as a candidate in the 2020 election, Harris’s debt relief plan was criticized as outdated. Too complex and narrow. To qualify, borrowers need to receive a Pell Grant and open a business in a disadvantaged community, among other requirements.

In contrast, Biden favors Wider debt cancellationpushing for plans to reduce or eliminate the balances of tens of millions of Americans.

white house spokesman recently told CNBC Harris is proud of the work she and Biden have done so far to relieve $167 billion in student debt for nearly 5 million Americans. He said the vice president plans to provide more relief to borrowers.

Current U.S. Education Secretary Miguel Cardona wrote that he was “all in!” for Harris postal X Sunday night.

Harris also fought against predatory schools and secured relief for borrowers.

As California attorney general, Harris investigated and filed lawsuits against Corinthian College and obtained a $1.1 billion award against the now-defunct for-profit group. The U.S. Department of Education eventually investigated the schools and canceled $5.8 billion in student debt in 2022. 560,000 former Corinthian students.

— Anne Nova

Before becoming vice president, one of Harris’ signature proposals — known as middle class relief act – An annual tax credit of up to $6,000 will be provided to low- and moderate-income workers, on top of the benefits they already receive, to help close the wealth gap. Harris proposed repealing Trump’s tax cuts to pay for it.

Laura Veldkamp, ​​a professor of finance and economics at Columbia University Business School, said the cost of living has continued to soar since then, hitting working-class Americans particularly hard.

In this case, Wildkamp said, there are “good reasons” to reintroduce tax credits for those earning below a certain income threshold.

— Jessica Dickler

Harris has been a supporter of affordable housing policies both during her time as vice president and as president senator.

“Every American deserves access to affordable housing,” Harris release July 16X, referring to the Biden administration call Landlords with 50 or more rental units are limited to 5% rent increases or risk losing federal tax breaks.

Recently, Harris declare Recipient of $85 million in grants under Pathways to Removing Obstacles for Housing, a first-of-its-kind program designed to reduce housing and rental costs for families.

Harris May also announced A $5.5 billion budget through the U.S. Department of Housing and Urban Development (HUD) to promote affordable housing, invest in economic growth, build wealth and address homelessness in the United States. The funds will be allocated to six different HUD projects.

——Anna Theresa Sola

Harris takes aim gender pay gap Plans to eliminate discriminatory pay practices and penalize companies that do not comply.

According to a plan, she Unveiling in 2019, companies with 100 or more employees will be required to report the wages and total compensation of men and women, as well as the percentage of women in leadership positions, to obtain “equal pay certification.” Companies without this certification will be fined 1% of the average daily profit of the previous fiscal year.

According to one survey, women earn only 84 cents for every dollar a man earns. U.S. Census Bureau data analysis National Women’s Law Center survey shows that while wage gap has worsened significantly black and latina women.

Columbia University’s Wildkamp said it might be helpful to revisit efforts to require companies to disclose salary data.

“A variety of forces contribute to inequality, and asking them to crunch the numbers may expose problems they may want to address,” she said.

— Jessica Dickler