Vice President Kamala Harris intends to support small business owners and entrepreneurs by reducing their expenses and increasing their access to capital. Trump’s tariff proposal, however, could cause small businesses’ costs to rise.
In response to the report, the Harris-Walz campaign released an analysis of its own, outlining how Trump’s agenda would raise costs for over 4.4 million North Carolina households by an average of $3,954 per year.
Mainstream economists warn that Trump's plans to impose huge tariffs on imported goods, deport millions of migrant workers, and demand a voice in the Federal Reserve's interest rate policies would likely send prices surging.
Kamala Harris has proposed increasing the corporate tax rate, expanding the child tax credit, and cutting taxes for more than 100 million working and middle class Americans. Donald Trump, meanwhile, said he wants to permanently extend tax breaks that primarily benefited the ultra-wealthy and corporations.
Harris has proposed capping families’ child care costs to 7% of their income and offering families of newborns up to $6,000 in the first year of the child's life. Trump, on the other hand, has focused on tariffs as a solution to the child care crisis, despite evidence showing they would only raise costs for families.
Kamala Harris has said that she will call on Congress to pass a federal ban on price gouging and give the federal government more authority to prevent consolidation in the food industry, if elected. Donald Trump, on the other hand, wants to impose tariffs and reduce food imports, a plan that would cause food prices to increase.
Harris has vowed to increase the available housing supply by three million homes and to provide lower-income first-time homebuyers with up to $25,000 in down payment support. Trump, on the other hand, has offered no specific plans for addressing the housing crisis.
The announcement from the Federal Reserve will lower mortgage rates and encourage more building of apartments, which could lower rental costs.
Harris has proposed expanding a tax deduction for costs that are incurred while starting a business, creating a new fund that would allow the country’s smallest banks to cover the interest accrued on loans to new businesses, and more.
After years of a worsening housing crisis in North Carolina, Kamala Harris’ proposals seek to create three million homes by 2028, provide down payment assistance to first-time home buyers, and crack down on price fixing among corporate landlords.
| January 20, 2025
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