Kamala Harris Says Rebuilding The Middle Class Is A Top Priority – Here's The Investment Strategy She Believes Will Make It Happen

Vice President Kamala Harris hit the campaign trail with a clear message: her presidency will focus on building the middle class. Harris has held fast, reiterating to a rally in Wisconsin, "We believe in a future where every person has the opportunity not just to get by but to get ahead.” Harris aims to follow President Biden’s promise not to raise taxes for those earning less than $400,000 per year. This pledge is part of a broader strategy to position herself as a champion for working families, in stark contrast to former President Donald Trump.

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Trump, who oversaw sweeping tax cuts during his presidency, blames high inflation on Biden administration policies and claims it has hit the middle class hard. He said that if reelected, he would cut the inflation rate further and again slash middle-class taxes. Trump’s new plan also cuts the tax on tips for service workers, which he announced at a rally in Nevada.

Both candidates’ campaigns mainly focus on the middle class, which holds the country’s largest share. In a recent Gallup poll, just slightly over half of all Americans considered themselves middle class. This broad, self-defined group makes it a central focus for Harris and Trump.

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Among other things, Harris outlined several initiatives for supporting middle-class families. She has detailed proposals on forgiveness of student debt, lowering health care and child care costs, paid family leave, and ensuring that seniors can retire with dignity. She’s previously sponsored bills like the LIFT the Middle-Class Act—a bill that would provide many families a refundable tax credit of up to $6,000 a year—and the Rent Relief Act, which would give the majority of renters a tax credit for all rent and utilities over 30 percent of their income.

As a senator, Harris co-sponsored the Child Care for Working Families Act, capping child care at not more than seven percent of household income for eligible parents. She has also supported legislation removing medical debt from credit reports, which is imperative for financial health. A quarter of the middle class bears the brunt of medical debt, making getting loans for houses, cars, and businesses difficult.

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Trump's platform focuses on reversing the inflation he attributes to the Biden administration. Among his promises are the reignition of the energy industry, middle-class tax cuts, and the elimination of tips tax for service workers. Some other planks on the Republican platform include the removal of restrictions on domestic energy production and killing green energy projects to lower inflation. They also intend to cut federal spending and reduce regulations to stabilize the economy.

However, some of Trump’s proposals—a 10% tariff on all U.S. imports—will raise the cost of living for the middle class. According to Peterson Institute for International Economics researchers, such a tariff would cost a typical middle-income household at least $1,700 annually.

The middle class has changed through the years. Though the percentage of Americans in middle-class households declined compared to 1971, more families have moved up the income ladder. However, middle-class income growth has trailed upper-income families for quite a long time. This slow growth has led to financial anxiety, particularly among those struggling to afford homes and college education for their children.

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