Here’s What a Kamala Harris Administration Could Mean for Your Wallet
With Kamala Harris in the lead to replace President Joe Biden in the 2024 election, many people want to know how her policies could affect their personal finances. Here’s a look at some key areas:
Taxes
Taxes are a big topic, especially with tax breaks from the Tax Cuts and Jobs Act (TCJA) ending in 2025. Harris mostly agrees with Biden on tax issues but has some differences. For example, in her 2020 campaign, she wanted to raise the corporate tax rate back to 35%, while Biden suggested 28%. Harris is likely to continue pushing for higher taxes on the wealthy and corporations, while keeping Biden’s promise not to raise taxes on those making less than $400,000.
Healthcare
Harris’s healthcare views have changed over time. She used to support “Medicare for All,” but now aligns more with Biden’s gradual improvements. Her administration would likely focus on expanding the Affordable Care Act (ACA) and Medicaid, lowering prescription drug prices, and keeping insulin costs capped. Harris believes healthcare should be a right, not a privilege, and her policies would aim to make it more affordable and accessible.
Student Loans
Harris has strongly supported student loan forgiveness programs. She played a key role in Biden’s debt relief efforts and would likely continue advocating for significant student debt forgiveness. While her past proposals were more targeted and complex, she might pursue detailed strategies to reduce the student debt burden.
Income Inequality
To tackle income inequality, Harris introduced the Lift the Middle Class Act, which proposed an annual tax credit for lower- and middle-income workers. With the cost of living rising, Harris may bring back similar ideas to support working-class Americans. Her administration could focus on providing targeted financial relief to help reduce the wealth gap.
Housing
Harris has always supported affordable housing. As Vice President, she announced significant funding to reduce housing costs and address homelessness. If elected, Harris would likely continue these efforts, pushing for more affordable housing projects and measures to cap rent increases.
Social Security
Harris has supported expanding Social Security benefits and ensuring the program’s future by increasing contributions from wealthy Americans. Her support for the Social Security Expansion Act shows her commitment to enhancing benefits and cost-of-living adjustments, providing more financial security for retirees.
Equal Pay
Harris has clear plans to address the gender pay gap. Her proposals include requiring companies to get an “Equal Pay Certification” and penalizing those that don’t comply. These measures aim to close the wage gap and promote fairness, leading to more equal earnings for women and other marginalized groups.
Conclusion
A Kamala Harris administration would bring some new ideas and continue some of Biden’s policies. By focusing on fair taxes, affordable healthcare, student debt relief, income equality, affordable housing, and equal pay, Harris aims to create a more supportive financial environment for all Americans. Understanding these key policy areas can help voters see how her administration might impact their financial well-being.
Impact on Luxury Real Estate Investors
While Kamala Harris’s policies focus on affordable housing, taxes, and reducing income inequality, these changes could also impact luxury real estate investors. Higher taxes on wealthy individuals and corporations might lead to increased costs for luxury properties. However, policies promoting overall economic stability and reducing income inequality could result in a more robust market, potentially benefiting high-end real estate in the long run.
Additionally, efforts to address homelessness and housing shortages could enhance urban environments, making luxury properties in these areas more attractive to investors.
Understanding these potential changes can help luxury real estate investors make informed decisions about their portfolios.
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