Harris Unveils Bold Initiative to Combat Price Gouging, Enhance Child Tax Credit, and Tackle Rent Increases

WASHINGTON — On Friday, Democratic presidential candidate Kamala Harris unveiled her comprehensive economic policy proposal. This plan aims to tackle rising rent costs, support first-time homebuyers, curb grocery price gouging, and enhance the child tax credit.

The Harris campaign highlighted that many of these proposals require Congressional approval and seek to address significant challenges faced by American families. “Vice President Harris has emphasized that revitalizing the middle class is a pivotal goal of her administration,” stated the campaign’s announcement.

Later on Friday, Harris is scheduled to campaign in Raleigh, North Carolina, leading into the Democratic National Convention. Her economic agenda addresses family-related expenses, proposing to extend the child tax credit to the previous $3,600 per child level established during the early months of the Biden administration—now expired.

Under her plan, families with children under a year old could see their child tax credit rise to $6,000. Currently, the maximum credit stands at $2,000 per qualifying child, subject to earning limits. Additional provisions stipulate that the child must be under 17 and a U.S. citizen or resident.

Harris also plans to expand the Earned Income Tax Credit (EITC) to assist lower-income individuals and couples without children, potentially cutting their taxes by up to $1,500. She assures that no individual earning under $400,000 annually will face tax increases, echoing a commitment from President Joe Biden.

Moreover, Harris seeks to implement measures against grocery price gouging. She proposes a new law prohibiting excessive pricing on food while granting authority to the Federal Trade Commission to enforce penalties against violators. Grocery prices have surged, leading to significant consumer frustration, a theme recently echoed by Republican nominee Donald Trump, who attributes inflation to the current administration.

“Many grocery chains have maintained high prices despite stabilized production costs,” the proposal highlights, noting the record profits some companies are experiencing.

In addition, Harris aims to expand price controls on insulin, extending the existing $35 cap per month for Medicare beneficiaries to all citizens, with a maximum out-of-pocket cost of $2,000 for other prescriptions. This initiative seeks to enhance Medicare’s ability to negotiate with pharmaceutical companies while addressing medical debt for millions.

To alleviate housing costs, Harris aims to facilitate the construction of 3 million new homes in four years by dismantling barriers to building at state and local levels. She advocates for a tax incentive for developers to construct starter homes for first-time buyers, along with providing up to $25,000 in down payment assistance for renters with exemplary payment histories.

Harris has called on Congress to consider two proposals targeting rental prices: one would reduce incentives for corporations owning over 50 single-family homes; the other seeks to clamp down on companies that encourage landlords to increase rents in high-cost markets.

“Vice President Harris recognizes our housing affordability crisis and is committed to a robust plan that aims to ease financial burdens for working families,” the announcement reads. Ahead of the Democratic National Convention, the Harris-Walz campaign has scheduled a bus tour in Pennsylvania this Sunday.

In response to Harris’ proposals, Trump campaign officials held a call with reporters to critique her economic strategies. They refrained from commenting directly on the child tax credit boost but emphasized their focus would be on Harris’ perceived liberal agenda.

Stephen Moore, a policy adviser to Trump, warned that grocery price regulations could destabilize some businesses, while questioning the effectiveness of the proposed down payment assistance. He argued that rising interest rates, rather than lack of assistance, hinder home ownership.

As the Fed navigates post-pandemic economic adjustments, the conflicting visions for the economy are likely to play a significant role in the lead-up to the election.