Harris puts tax, cost cuts at heart of economic plan to boost middle class

Investing.com -- Vice President Kamala Harris on Friday outlined her economic agenda focused on tax cuts, affordable housing and lower food prices that the Democratic presidential nominee believes will create opportunities for the middle class.

"As president, I will be laser focused on creating opportunities for the middle class that advance their economic security, stability and dignity," Harris said Friday in her first major policy address in North Carolina.

Lowering costs on housing, food, and child rearing appeared to be at the heart of Harris' economic plan to support the Middle Class at time when many Americans are feeling the pinch of higher prices.  

“Look, the bills add up; food, rent, gas, back-to-school clothes, prescription medication,” Harris said. “After all that, for many families, there’s not much left at the end of the month.”

The plan also includes proposals for a new $6,000 tax credit for parents with a child in the first year of life and $25,000 in down payment assistance for first-time home buyers.

On food costs, Harris said that if elected, she would pledge to strive to pass a federal ban price gouging, preventing companies from excessively hiking the price of food at times of high demand and limited supply. 

"I will work to pass the first ever federal ban on price gouging on food ...  Harris said.  

The vice president was quick to contrast her proposals against that of rival President Trump, characterizing the former president's proposals to impose tariffs on 20% of imported goods, as a "national sales tax on everyday products and basic necessities.”

Under the proposals, Harris also outlined a plan to tackle the national housing crisis by adding 3 million new housing units and detailed new initiatives to assist first time home buyers, who have paid their rent on time for two years, providing them with a $25,000 in down-payment assistance.

The speech comes ahead of Democratic National Convention on Aug. 19-21, when Harris has the opportunity to build on her momentum by introducing herself and expanding on her policies to win over uncommitted voters.

Harris now has a 2.8-point lead over Trump in the latest average of national polls compiled by FiveThirtyEight.