Presidential Candidate Kamala Harris' Economic Policies - Douglas Holtz Eakin (Fox News)

Summary

The discussion highlights Kamala Harris's proposal to raise the corporate tax rate to 28% to fund economic plans, with debate over its impact on everyday Americans. Alexandria Ocasio-Cortez supports Harris, emphasizing her focus on aiding those struggling with rent, child care, and seniors returning to work due to inflation. Critics argue that despite automatic Social Security adjustments, inflation remains an issue, and compare Harris's policies to Trump's, suggesting potential negative effects on wages and jobs. The conversation touches on economic challenges, tax policies, and government spending priorities under both administrations.

Takeaways

• 📈 Kamala Harris proposes a 28% corporate tax rate to fund her economic plans.
• 🏠 Harris' agenda focuses on helping people struggling with rent, childcare, and seniors facing financial challenges.
• 💼 A critique was made that Harris has been in the administration for over three years, yet seniors are being forced back into work due to inflation.
• 📉 Social Security adjusts for inflation, but despite that, more seniors are working than usual, and retirement rates are higher than normal.
• 💡 The Harris agenda is compared to the Trump agenda, with an emphasis on which policies would reduce costs more effectively.
• 💰 A projection claims that the current administration’s economic policies would cost Americans $1,700 more annually.
• 🔍 The American Rescue Plan (ARP) was criticized for contributing to a spike in inflation in 2021, as inflation rates rose significantly post-ARP implementation.
• 🇪🇺 Inflation issues in the U.S. were compared to Europe, highlighting that inflation rose more dramatically in the U.S. than in Europe, which had similar supply chain issues.
• 📉 An analysis by the Tax Foundation suggested that increasing the corporate tax rate would reduce capital stocks, lower wage rates, and result in 128,000 fewer full-time jobs.
• 💸 Trump's corporate tax cuts were supposed to raise wages by $4,000 per person, but the main beneficiaries were executives and shareholders, with no notable wage increase for average workers.

Q & A

What is Kamala Harris proposing regarding corporate tax rates?

Kamala Harris is proposing a 28% corporate tax rate to help pay for her economic plans.

How does Alexandria Ocasio-Cortez describe Kamala Harris' support for everyday Americans?

Alexandria Ocasio-Cortez states that Kamala Harris supports people trying to afford rent, childcare, and seniors who have had to return to work because their retirement funds aren't sufficient.

What criticism is raised about Kamala Harris being in the administration for the last three and a half years?

The criticism is that during Harris’ time in the administration, one in three seniors have had to come out of retirement to work again due to inflation, suggesting her policies haven’t helped these individuals enough.

Does Social Security adjust to inflation automatically, and what does the data show about seniors returning to work?

Yes, Social Security adjusts automatically for inflation, and the data shows that more seniors are retiring, although there’s also an increase in the number of seniors working at a higher rate than before.

How does the Harris agenda compare to the Trump agenda, according to the speaker?

The speaker suggests that Kamala Harris’ agenda will be more effective in bringing down costs compared to Donald Trump’s agenda.

What does the speaker say about the economic impact of the American Rescue Plan in 2021?

The speaker highlights that after the American Rescue Plan in March 2021, inflation rose from 2.6% to 4.2%, and later surged even higher.

How does the speaker compare inflation in the U.S. to Europe after the American Rescue Plan?

The speaker notes that while Europe had supply chain problems and inflation rose from 0 to 4%, U.S. inflation skyrocketed from 1.4% to 9.1%, suggesting that the American economy was overstimulated.

What does the speaker say about the role of self-restraint in governing?

The speaker mentions that governing often requires self-restraint, meaning that governments shouldn't do everything they can, but only what is necessary for the people.

What did the Tax Foundation's analysis suggest about Biden’s corporate tax rate plan?

The Tax Foundation's analysis predicted that a 28% corporate tax rate would decrease capital stocks by 1.1%, lower wage rates, and reduce the number of full-time jobs by 128,000.

What are the long-term benefits of reversing Trump’s corporate tax cuts, according to the speaker?

Reversing Trump’s tax cuts is expected to bring in about $1 trillion in revenue, which could be used for investments in affordable housing and childcare, helping middle-class families.