**How Kamala Harris May Differ from Joe Biden on Pocketbook Issues**
With President Joe Biden announcing his withdrawal from the 2024 presidential race and endorsing Vice President Kamala Harris as his successor, the focus has shifted to what economic policies Harris may pursue if she were to take office. Many experts believe that Harris would likely continue with the economic, tax, and trade policies set forth by the Biden administration, although there may be some differences between the two.
### Hints From Previous Policy Proposals
During her time as a senator from California and in her 2020 presidential campaign, Harris put forward several significant tax and economic policy proposals. For instance, in 2018, she introduced a bill that aimed to provide a tax credit of $3,000 per year for individuals and $6,000 for married couples, with a focus on benefiting lower-income earners. This move aligns with Biden’s efforts to expand the Child Tax Credit in 2021, which targeted working and middle-class households with children.
In 2019, Harris expressed her intention to repeal the Tax Cuts and Jobs Act of 2017 if elected president. This legislation, passed during Donald Trump’s presidency, included tax cuts for corporations and high-income individuals. While Biden did not advocate for a complete repeal of the law, he proposed raising the corporate tax rate to 28%, compared to Harris’s plan to revert it to the pre-TCJA level of 35%.
Additionally, Harris proposed a comprehensive healthcare reform plan in 2019 that called for extending Medicare coverage to all individuals regardless of age. This Medicare For All proposal would have been funded in part by a new tax on financial transactions, including a percentage from stock trades.
### Big Shifts in Economic Agenda Unlikely
Despite potential differences in specific policy proposals, analysts believe that the overall economic agenda favored by the Democratic Party is unlikely to undergo significant changes under a Harris administration. Democrats typically support social programs, tax breaks for low and middle-income earners, and higher taxes for the wealthy. On the other hand, Republicans advocate for broader tax cuts, including for businesses and high-income individuals.
Moreover, Democrats and Republicans have differing views on trade policies, with Trump’s administration proposing across-the-board tariffs on imports while Biden’s approach involves targeted tariffs on specific products like Chinese electric cars. Analysts predict that the fiscal and trade policy agenda of the Democrats would remain consistent even if Harris were to become the nominee.
### Conclusion
As Vice President Kamala Harris emerges as the front-runner to potentially succeed President Joe Biden, voters are eager to understand how her economic policies may differ from those of her predecessor. While Harris has put forth ambitious policy proposals in the past, including tax credits for lower-income earners and healthcare reform initiatives, the broader economic agenda of the Democratic Party is expected to remain relatively stable under her leadership.
As the 2024 presidential election approaches, the financial landscape of the country hangs in the balance, awaiting potential shifts in economic policies that could impact individuals across various income brackets. Whether Harris’s proposed policies will come to fruition remains to be seen, but her track record provides valuable insights into what may lie ahead if she assumes the highest office in the nation.