Is Kamala Harris Good For The Economy?

U.S. presidential candidate Kamala Harris made lots of massively consequential economic promises to their base, both good and bad.

One of the highlights of Harris' economic policy is a federal ban on price gouging. Price gouging essentially means a monopoly's efforts in increasing its margin artificially to generate more revenue at the expense of consumers. Price gouging is a very serious issue if its present, as it makes prices skyrocket and thus many products become unaffordable for many groups of people. However, price gouging is rare because in order for it to be possible, a single company must have a substantially large share of an industry, which most if not all companies do not have. There are instances of price gouging in society, but they are often very rare and don't affect many people. Moreover, price gouging is already banned in 37 states, meaning that a federal ban would not make much of a difference.

Another policy of Kamala Harris is increasing taxes to make up for higher spending plans in social security, the child tax credit, the Green New Deal, and many others. She wants to raise the corporate income tax rate from 21% to 28%, a substantial increase. This would help with managing the deficit but could cause prices to increase as companies need more revenue to pay more taxes. Harris also wants to institute a 45% tax on capital gains and unrealized capital gains on people worth at least $1 million, which would boost revenue but hinder investors' abilities in raising funds for private equity.

Kamala Harris wants to increase the child tax credit, which would help many poor families but would raise the deficit. Harris is even proposing providing a subsidy of $25,000 to prospective homeowners, a very ambitious policy. Combined with a possibility of forgiving even more student loans, Harris' economic policy plan would require even higher tax raises to make up for changes in the deficit.

It is up to you, the voter, to make an informed decision about Kamala Harris, good and bad. Analyze the outcomes and feasibility of Harris' policies to make an accurate conclusion on how her presidency could affect your finances and your life as a whole.