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Here is a summary of specific economic policies and proposed laws/regulations in the document A New Way Forward for the Middle Class (page numbers cited):
1. Cut Taxes for Working People (p. 11): The Harris-Walz administration proposes to cut taxes for 100 million Americans, with no tax increases for those earning less than $400,000. They aim to restore the Expanded Child Tax Credit and introduce a new $6,000 tax cut to assist families during a child’s first year of life.
2. Lower Food and Grocery Costs (p. 15): They propose to invest in resilient food supply chains, promote competition in food markets, crack down on price-fixing and monopolistic practices, and pass a federal ban on price gouging.
3. Lower Health Care Costs (p. 21): The plan includes making health care tax credits permanent, increasing competition in the health care sector, and strengthening veterans’ health care. They also propose tackling medical debt by working with states and expanding medical debt relief initiatives.
4. Lower Prescription Drug Costs (p. 25): They aim to expand the $35 cap on insulin and the $2,000 out-of-pocket cap to all Americans, accelerate Medicare drug price negotiations, and increase competition in the pharmaceutical sector.
5. Lower Energy Costs (p. 28): The Harris-Walz administration proposes to continue investments in clean energy to lower household energy costs and create new jobs. This includes tax credits for clean energy technology and improving energy efficiency in homes.
6. Protect Consumers From Fees and Fraud (p. 33): They plan to fight against junk fees and fraudulent practices that burden consumers, particularly through subscription services and hidden charges in industries like travel, entertainment, and utilities.
7. Expand Housing and Homeownership (p. 36): Policies include expanding affordable housing supply with tax incentives, creating new tax credits for home rehabilitation, introducing the first-ever tax credit to encourage building affordable homes for first-time homebuyers, and providing $25,000 in down-payment assistance for first-time homebuyers.
8. Invest in Small Businesses (p. 46): The administration will aim to spur 25 million new business applications by expanding the startup expense deduction from $5,000 to $50,000 and cutting red tape, including reducing occupational licensing requirements.
These policies focus on reducing costs for families, expanding opportunities for business growth, and addressing housing shortages through targeted tax relief and regulatory reforms.
