🚀 Kamala Harris' Economic Proposals

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As you all know, I try to avoid politics, but with the number of policies that have now been shared, I wanted to break down Kamala Harris’ economic policies because, quite frankly, they are extremely misleading. This is not meant to be partisan. I’ve focused on Kamala Harris because I believe the effect of Trump’s policies are pretty apparent on their face. A 20% tariff on all imports will increase the price of all goods for consumers until the US has the time to replace that production with local manufacturing. At that point, it will benefit those who gained employment with the new local jobs while still hurting those that aren’t benefiting directly or indirectly from these new jobs. His idea to cut development fees, red tape and costs on housing developments will increase the number of new homes built and lower prices but also create more risk of mistakes or faulty developments (generally a small risk).

Year To Date Performances:

1. Kamala Harris' proposed $25,000 tax credit for first-time homebuyers is aimed at addressing affordability, but it faces a different housing market compared to the 2009 tax credit. Unlike the financial crisis era, where home prices were plummeting, today's market faces high prices and limited supply, which could result in the tax credit inflating home prices further. With mortgage rates also at record highs, increasing demand might not make housing more accessible but rather exacerbate affordability issues. To put it simply, if you start handing out $25,000 in a housing market where sellers are already getting the prices they demand, everyone’s bid will go up by $25,000+, so sellers will actually likely get an extra $50,000+ (since the additional down payment means a higher mortgage is also allowed) so first time homebuyers will likely now end up paying more money for their homes and carrying more debt. This analysis is backed by Mark Zandi an economist at Moody’s.

2. Democratic presidential nominee Kamala Harris has outlined a plan to combat price gouging and reduce grocery costs amid rising food prices. Harris proposes a federal ban to prevent large corporations from exploiting consumers during crises, but specific details on enforcement remain unclear. Her proposal has drawn criticism from former President Donald Trump, who likened it to "Soviet-style" price controls. The plan's popularity is reflected in polling, with 60% of Americans supporting caps on food price increases, though passing such legislation in Congress may prove difficult. Even Harris surrogates like Mark Cuban have admitted that the plan won’t help with inflation and that government spending, such as the Inflation Reduction Act, caused inflation and not price gouging. This is again an example of a policy that polls well and is helping Harris gather votes but will have no practical implementation or benefit for voters who support her.

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4. Headlines

   1. The idea of removing taxes on tips, which has been proposed by both Trump and Harris, is also absurd. One of the primary objectives of tax law is to avoid loopholes. This would create a massive tax free loophole incentivizing millions of people to report different types of income as tips.

   2. Another idea that is polling very well is the $50,000 tax deduction for new small business owners. The problem is that it is a tax deduction, which means you need to make money to benefit from it. Statistically 70% of these companies will fail before they can ever use the tax deduction. A tax credit which actually refunds a % of the money spent as is used in the UK would be significantly more effective by actually subsidizing startup costs.

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