Kamala Harris unveils tax cuts, affordable housing plans in first major economic speech

Kamala Harris outlined proposals to cut taxes for most Americans, ban "price gouging" by grocers and boost affordable housing on Friday in her first major economy-focused speech as the Democratic presidential nominee.

The US vice president traveled to Raleigh, North Carolina, to discuss an agenda for her first 100 days in office if she wins the presidency, pledging to introduce a new child tax credit of as much as $6,000 for families with infants, cut taxes for families with kids and lower prescription drug costs.

Harris told supporters in the state that the U.S. economy was the strongest in the world but prices were still too high. She said she would focus on the middle class from the White House.

"I will be laser-focused on creating opportunities for the middle class," she said. "Together we will build what I call an opportunity economy."

Harris aims to draw a contrast with her November 5 election opponent, Republican Donald Trump, on tariffs and taxes, aides say. Her agenda may run into resistance from both corporations and Congress, who rejected similar proposals when they came from President Joe Biden.

Harris' economic agenda broadly mirrors Biden's, but introduces some new homebuying incentives and attempts to control high prices of goods.

Democrats are hoping to appeal to a broad segment of the working public who often see Republicans as better economic stewards and are anxious over both higher costs and their economic prospects.

Some of her policies, including ones on housing and groceries, have come under attack as ill-considered and overly liberal populism by Republicans and some industry groups.

Harris' plan includes a federal ban on price gouging on food and groceries, which her campaign says aims to stop big corporations from unfairly exploiting consumers while generating excessive corporate profits.

As president, she will direct the Federal Trade Commission to impose "harsh penalties" on firms that break new limits on price gouging, campaign officials said.

Progressive economic ideas poll well with voters, but they have proven tough to pass into law. Most of Harris' and Trump's economic priorities need to secure majority support in Congress. A child tax credit bill passed the House but stalled in the Senate this year.

Her plan calls for 3 million new construction units, a series of tax incentives and other measures to encourage building homes for first-time homebuyers and a $25,000 credit for such buyers. Harris also aims to expand rental assistance, ban rental price-fixing and stop Wall Street firms from buying homes in bulk.

Harris also is pushing to lower healthcare costs, cancel medical debt and highlight how the Biden-Harris administration negotiated down the prices of 10 top-selling prescription drugs used by Medicare by as much as 79%.

Harris is maintaining Biden's promise not to raise taxes on people who make $400,000 or less a year, and her campaign aims to draw a contrast on taxes with Trump, who slashed the corporate tax rate to 21% from 35% and implemented other tax breaks that are set to expire next year.

Trump has promised to make the tax cuts permanent and suggested new across-the-board tariffs on imports, an idea Harris rejects.