Vice President Kamala Harris has outlined an ambitious economic plan aimed at supporting Black Americans. Her proposals are designed to address significant issues like housing affordability, healthcare costs, and business support.
Released as a priority list through Black Enterprise, Harris’s plans focus on improving the economic landscape for Black families and individuals. This initiative not only seeks to reduce living costs but also strives to create opportunities for wealth-building and financial stability.
Harris recognizes that Black Americans face unique challenges. With her economic strategy, she aims to create a more equitable environment. This plan includes a range of policies targeting essential areas like groceries, housing, and business ownership. Let’s dive into the six key components of her proposal.
1. Lower the Cost of Groceries
Many Black families are spending significantly more on groceries compared to white families. According to Harris’s campaign, the average Black household spends one and a half times its budget on food. To combat this, Harris plans to implement the first-ever federal ban on price gouging for food and groceries.
Furthermore, her proposal includes strict rules to prevent big corporations from taking unfair advantage of consumers. By securing new authority for the Federal Trade Commission (FTC) and state attorneys general, the plan aims to ensure accountability among companies that violate these rules. This approach intends to help Black families afford their basic needs.
2. Affordable Housing Initiatives
Access to affordable housing is a pressing issue for many Black Americans. Harris proposes reducing rent costs by challenging corporate and private landlords. Additionally, she aims to halt Wall Street investors from bulk-buying properties and raising prices.
To address the housing shortage, Harris’s plan includes building three million new housing units over four years. She will also introduce tax incentives to promote the construction of starter homes. The campaign promises $25,000 in down-payment assistance for first-time homeowners, which could aid over half a million Black families.
3. Increase Support for Black-Owned Businesses
Supporting Black-owned businesses is another crucial aspect of Harris’s economic plan. Currently, Black entrepreneurs face significant barriers in accessing capital. To alleviate this, Harris proposes expanding the tax deduction for startups from $5,000 to $50,000.
The plan also aims to increase collaboration with major banks to improve access to funding for Black businesses. Furthermore, Harris intends to create a new fund to help cover loan interest costs for expanding small businesses. This initiative seeks to empower Black entrepreneurs and increase their representation in the business world.
4. Lower the Cost of Prescription Drugs
Healthcare costs can be a heavy burden for many Americans, especially Black families. Harris’s campaign addresses this issue by proposing to cancel medical debt for millions of Americans. Currently, over 25% of Black households report having medical debt, which is nearly double the rate for all adults.
Additionally, Harris plans to cap the cost of insulin at $35 and limit out-of-pocket expenses for prescription drugs to $2,000. These measures aim to reduce financial strain and ensure that Black Americans have access to necessary medications without breaking the bank.
5. Increase Child Tax Credit
Harris’s economic plan includes an increase in the Child Tax Credit. She proposes a new $6,000 credit for families with children during their first year of life. This is in addition to restoring the American Rescue Plan’s expanded Child Tax Credit, which can provide up to $3,600 per child.
This initiative is expected to help many middle-class families, easing financial pressures during critical early years of a child’s life. By increasing support for families, Harris hopes to foster a more stable economic environment for Black households.
6. Promote Economic Equity
Overall, Harris’s economic plan aims to promote equity for Black Americans across various sectors. By focusing on affordable housing, healthcare, and business support, her proposals seek to level the playing field. These initiatives are designed to create opportunities for wealth-building and financial independence.
