Current:Home > StocksKamala Harris' economic policies may largely mirror Biden's, from taxes to immigration -MoneyTrend
Kamala Harris' economic policies may largely mirror Biden's, from taxes to immigration
View
Date:2025-04-13 18:57:12
Vice President Kamala Harris would largely adopt President Biden’s economic blueprint on major issues such as taxes, trade and immigration if she becomes the Democratic presidential nominee, despite her previous views that leaned more progressive, analysts say.
But she could be more aggressive on antitrust enforcement, consumer protection and climate change, some experts say.
“I think she will follow the Biden economic script closely,” says Mark Zandi, chief economist of Moody’s Analytics.
That’s partly because “time isn’t on the Democrats’ side,” says Ryan Sweet, chief U.S. economist of Oxford Economics. The Democratic National Convention is a month away.
“She’s trying to position herself as a candidate of continuity and stability,” adds Brian Gardner, Stifel’s chief Washington policy strategist.
After Biden dropped out of the presidential race Sunday, Harris quickly garnered the endorsement of Democratic lawmakers and party officials, including Biden himself; former House Speaker Nancy Pelosi, D-Calif.; and Illinois Gov. JB Pritzker, who had been mentioned as a presidential candidate. But she has not yet formally won the nomination.
Although she voiced more left-leaning opinions as a U.S. senator and as a Democratic presidential candidate in 2019, she probably has shifted to the center, at least on the biggest issues, some analysts say.
“As part of the (Biden) administration, she and her economic team have been part of the economic policymaking process,” Zandi says.
Here’s a quick rundown:
Taxes
Harris is expected to back Biden’s plan to extend the tax cuts spearheaded by former President Donald Trump in 2017 for low- and middle-income households but end the reductions for those earning more than $400,000 a year.
She also will likely support Biden’s proposal to raise the corporate tax rate to 28% from the 21% passed by Congress during Trump’s administration, Zandi says. As a candidate in 2019, Harris favored returning the corporate rate to 35%.
Immigration
Harris has supported the bipartisan border security deal that would make it tougher for immigrants to receive asylum and empower the president to shut down the border if crossing exceed certain levels, Sweet said. Last month, Biden announced a similar executive action to limit border crossings.
The bill, blocked by Republicans in Congress, also would provide more funding for asylum officers and judges to handle border crossing cases.
Harris will likely face harsh criticism from Trump because of record border crossings during the Biden administration, especially in light of the role she was given to help address the crisis, Gardner said.
Late last year, Harris, the daughter of an Indian mother and Jamaican father, criticized Trump after the former president said immigrants are "poisoning the blood of our country." She said his words have been "rightly" compared to those of dictators such as Adolf Hitler.
Trade
Biden has kept in place Trump’s tariffs on a tenth of U.S. imports as well as many goods from China. He also recently imposed targeted tariff increases on Chinese electric vehicles and solar panels. If elected, Harris would likely continue the existing levies on imports, Zandi and Sweet say.
Social service policies
Biden has proposed a long list of social service programs to make child care more affordable, provide free college tuition, and cancel more student loan debt. Harris probably would continue to push those policies, Zandi says, though most face long odds of passage in a Congress that likely would continue to be divided under a Harris administration.
"President Biden and I have forgiven more student loan debt than any Administration in history − $167 billion for nearly 5 million Americans," Harris wrote last month on X, formerly Twitter.
What policies does Kamala Harris want?
The Biden administration already has toughened antitrust enforcement against tech giants such as Apple and Google, moved to limit greenhouse gas emissions from power plants and vehicles, and taken sweeping steps to protect consumers from junk fees, among other executive branch policies.
Harris, the former attorney general of California, could take an even more aggressive stance in those areas, Zandi says.
Gardner, though, expects Harris to mirror Biden's approach.
Contributing: Savannah Kuchar
veryGood! (66261)
Related
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- 'IF': How John Krasinski's daughters helped him create his 'most personal' movie yet
- Theft of more than 400 vehicles in Michigan leads to the arrest of 6 men
- Horoscopes Today, May 16, 2024
- 'Most Whopper
- A Palestinian converted to Judaism. An Israeli soldier saw him as a threat and opened fire
- Key Boeing supplier Spirit AeroSystems is laying off 450 after production of troubled 737s slows
- Army will present Purple Heart to Minnesota veteran 73 years after he was wounded in Korean War
- SFO's new sensory room helps neurodivergent travelers fight flying jitters
- Texas Gov. Greg Abbott pardons Daniel Perry, who killed Black Lives Matter protester in 2020
Ranking
- 'We're reborn!' Gazans express joy at returning home to north
- The Daily Money: Inflation eases in April
- King Charles III's bright red official portrait raises eyebrows
- Belarus targets opposition activists with raids and property seizures
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Jessica Biel Says Justin Timberlake Marriage Is a Work in Progress
- Sexual assaults are down in the US military. Here’s what to know about the numbers
- Prosecutors say Washington officer charged with murder ignored his training in killing man in 2019
Recommendation
North Carolina trustees approve Bill Belichick’s deal ahead of introductory news conference
Every WNBA team to begin using charter flights by May 21
Donor and consultant convicted again of trying to bribe North Carolina’s insurance commissioner
Four takeaways from our investigation into police agencies selling their guns
Warm inflation data keep S&P 500, Dow, Nasdaq under wraps before Fed meeting next week
Who plays Colin, Eloise and Penelope in 'Bridgerton'? See the full Season 3 cast
Ukraine says it has checked Russia’s offensive in a key town, but Moscow says it will keep pushing
Indonesia raises alert for Mount Ibu volcano to highest level following a series of eruptions