Vice President Kamala Harris released an 82-page document Wednesday outlining her vision for the economy, a plan that has much in common with President Joe Biden's economic policies.

of planThe paper, titled “A New Progress for the Middle Class,” explores Biden's initiatives including student loan debt cancellation, industrial policy, massive subsidies for green energy, and going after corporations for price gouging. I am proposing to use it as a basis. Before he withdrew from the presidential race under enormous political pressure, voters were deeply dissatisfied with Biden's economy, which had become marked by the highest inflation in 40 years.

“Harris is not going to deviate significantly from current Biden policy,” Ryan Young, senior economist at the Institute for Competitive Enterprise, told the Daily Caller News Foundation. “She's trying to walk a middle path between establishing her own identity, but she's not trying to suggest that Biden has promoted the bad policies that he's been promoting for the past four years.” (Related: 'Change agent' Kamala Harris appears to have copy-pasted her platform page from Joe Biden)

Kamala Harris Economic Plan by nick pope On Scribd

Mr. Harris aims to[make] “Big corporations and the wealthiest Americans pay their fair share of taxes,” she plans to do essentially the same thing. $5 trillion tax increase It was requested in Biden's fiscal year 2024 budget request. Harris' “common sense” reforms that would facilitate this tax increase include a 25% unrealized capital gains tax on high-income Americans and a 25% top capital gains tax rate. 33%an aggressive but less ambitious alternative 44.6% Biden's proposed interest rate.

Peter Earle, senior economist at the American Institute for Economic Research, said, “Americans don't like any political system that tries to brand large tax increases — including, in this case, taxes on unrealized capital gains — “new.'' We should be deeply concerned about the plan.” he told DCNF. “By expanding the scope of government forfeiture while simultaneously increasing spending, the United States has amassed $35 trillion in debt, accumulated more than $100 trillion in unfunded debt, and reduced the value of the dollar by more than 90 percent over 50 years. “With few details provided, there is no reason not to assume that Harris' policy goals are not simply a continuation of Bidenmics.”

These tax increases may be needed to pay for the package of rights Harris is proposing.

The economic plan states, “Vice President Harris and Governor Walz are committed to building a future that provides affordable, high-quality child care, preschool, long-term care, and paid leave while supporting care workers and family caregivers.'' “We are fighting against the virus,” but no attached documents were attached. Proposals come with all kinds of price tags. Biden either approved or chased Each of these policies during the presidential term.

Harris' plan also calls for providing $25,000 in grants to eligible first-time homebuyers. According to Young, this is mainly because “the best way to bring down housing prices is to build more housing, not to subsidize existing housing.” will lead to an increase.

Biden previously proposed A $10,000 tax credit is also available to first-time home buyers and first-time home sellers.

The Harris-Waltz administration builds on Biden's massive package, the Inflation Control Act (IRA), by “investing in building the energy industry of the future here in the United States and bringing the high-paying union jobs of the future here.” “Keep it domestic.'' Law. In addition to hundreds of billions of dollars in subsidies for the green energy industry, the IRA also features tax credits that Americans can claim to install things like heat pumps and rooftop solar power in their homes. (Related: Kamala Harris releases policy page that doesn't address flip-flops, hugs Biden tightly)

Undecided voters in Georgia: “If you look at the statistics now, it's much worse than it was before. Biden and Harris are making everything worse.”pic.twitter.com/poBh0V6lN0

— Daily Caller (@DailyCaller) September 20, 2024

Harris touted these credits in her new plan, saying they would “give grants to more than 3.4 million American families.” [to save] 8.4 billion dollars in 2023. What's missing from the economic plan is that more than half of these savings are claimed by people with incomes of $100,000 or more, and people with incomes of six figures or more are not eligible for credit, according to Internal Revenue Service data. in fact, they are more than three times more likely to file a claim.

Like Biden, Harris promises to be a strong ally of organized labor if elected.

“She would also repeal so-called 'right to work' laws that prevent the misclassification of employees and prevent workers from organizing freely,” Harris' economic plan states. “She also called for manufacturing and infrastructure projects that benefit from large-scale public support to be subject to prevailing wage requirements and for project collective agreements for construction projects that exceed appropriate minimum standards. I will continue to fight.”

Notably, “right to work” laws do not prevent workers from organizing. Such laws simply give workers the choice of whether to join a union or pay union dues. According to Attended the National Conference of State Legislatures. Many of the subsidies Biden has rolled out to the American economy include working conditions that favor unions.

Throughout his first term, Biden has repeatedly argued that corporate greed and price gouging have led to soaring prices for gas and other products. groceriesFor example, on the other hand many economists and observer In fact, he blames his tax and spending policies for causing inflation. Nevertheless, Harris seems intent on continuing to blame companies for price gouging, at least rhetorically.

A future Harris-Waltz administration would “pursue exorbitant price gouging of essential goods during emergencies and crises,” the plan states. Harris had laid out a broader version of the policy in August, but she and her team later specified that de facto price controls would only take effect in the event of an emergency, such as a natural disaster or pandemic. did.

“If we were to embark on a thorough research program to determine economic policies that have not only repeatedly failed throughout history, but have caused great damage on the way to inevitable failure,” Earle told DCNF, It's probably price control.” “For 4,000 years, political authorities have tried to freeze prices without causing shortages or widespread economic ruin. [have] We're screwed. ”

Harris' campaign did not respond to requests for comment.

Owen Krinsky contributed to this report.

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