Harris Warns Trump Tax Plan Will 'Devastate Americans,' Vows To Go After 'Bad Actors' Behind Food Prices

Vice President Kamala Harris laid out a plan to lower costs for middle-class Americans with a focus on food costs, home ownership costs and health care costs during a speech in swing state North Carolina Friday.

Improve the Economy: Harris laid out a plan to improve the economy and life for the middle class, which remains a top priority for voters in 2024 election polls.

"Our country has come a long way," Harris said.

Harris stated that when she and President Joe Biden took office, millions of people were out of work, and they helped orchestrate one of the largest economic comebacks.

"Our economy is the strongest in the world."

As president, Harris said she will be "laser focused" on building what she called an "opportunity economy."

The opportunity economy will be one where everyone has a fair chance to compete, succeed, and build wealth for themselves and their children.

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Lowering Costs: Harris said a main priority as president of the United States will be lowering costs and building on the foundation of progress already in place.

"Costs are still too high," Harris said.

Harris said a family's salary should be enough to provide a good quality of life.

Her speech focused on the middle-class American, which she called an "essential" part of the country.

The vice president said no child should grow up in poverty, and workers should be able to retire with dignity after years of hard work.

"I grew up in a middle-class household."

Harris recalled her time working at McDonald's during college, earning spending money while some of her coworkers were supporting their families, often working their second or third job.

"As president, I will take on the high costs that matter most."

Harris said food companies are seeing their highest profits in two decades, and some companies are not playing by the rules.

"We need to take action when that is the case."

Harris said she will go "after the bad actors" and work on price-gauging acts.

"We will help the food industry become more competitive."

Trump's tax plan is a national sales tax, Harris told the crowd.

"That will devastate Americans."

Harris said Donald Trump will tax everyday products and necessities that are imported, raising costs for gas, food, clothing, and over-the-counter medication.

The vice president said economists estimate the typical family would pay $3,900 more a year under the Trump tax plan.

Harris said she will continue progress on lowering medical costs, which includes capping the cost of insulin and lowering prescription drug costs for seniors.

Food companies could be on watch with Harris' latest comments, with a focus on passing cost savings on to consumers and not having high profit margins. The Invesco Food & Beverage ETF PBJ tracks many of the top food stocks.

Home Ownership: Another strategic priority from Harris centered on homeownership, with a goal of building three million new homes for sale or rent for the middle class during her "first term" as president.

Harris recalled her family renting homes for most of her life before her mother was able to buy a home. The vice president called homeownership a symbol of pride that comes with hard work and provides financial security.

Homeownership is "out of reach" for many American families, Harris said. A housing shortage is one of the key reasons, the vice president added.

Harris shared that she will work to make a $25,000 credit for first time homebuyers on the purchase of a new home.

"We can do this."

Harris said Trump's plan will add around $1,200 a year to the typical American mortgage.

"He's got it backward."

Homebuilder companies like Lennar Corporation LEN and D.R. Horton Inc DHI could become popular with investors under a Harris presidency and the call for millions of new homes. The SPDR Series Trust Homebuilders ETF XHB offers exposure to homebuilder stocks.

Tax Cuts: Harris said she will restore two tax cuts that help 100 million or more middle class Americans.

The vice president said the earned income tax credit and child tax credit will allow millions of Americans to keep more income.

"We know this works," Harris said.

Part of the plan calls for $6,000 in tax relief for parents during the first year of a child's life.

Harris said Trump's plan for tax cuts involves handing cuts to billionaires and corporations.

"Look who they fight for. Donald Trump fights for billionaires."

Harris added that Trump's plans will "devastate the middle class."

SPY Price Action: The SPDR S&P 500 ETF Trust is up 0.2% to $554.30 on Friday.

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Photo: Screenshot from CSPAN.