What Kamala Harris’s Economic Plan Could Mean for Your Future

## EXECUTIVE SUMMARY

From the information that the Presidential candidate elect, Harris has shared plans that will impact the economy and our personal disposable income. The biggest factor will be increased inflation and the debasement of our currency. Here are the key points regarding her proposed policies:

### Economic Proposals

1. **Tax Increases**: Kamala Harris has proposed significant tax increases, including raising the corporate tax rate from 21% to 28% and implementing a "billionaire minimum tax" on unrealized capital gains. These measures are expected to generate substantial revenue, estimated at approximately $4.1 trillion over ten years[1][5]. However, they could also lead to reduced investment and economic growth, potentially impacting overall economic stability.

2. **Deficit Concerns**: Analysts predict that Harris's proposals could contribute to an increase in the federal budget deficit, with estimates suggesting an additional $1.2 trillion by 2034 due to her expansive spending plans and tax credits[2][5]. A rising deficit can lead to concerns about currency debasement as it may necessitate increased borrowing or money printing.

3. **Inflationary Pressures**: Some of Harris's initiatives, such as expanding tax credits and providing financial support for first-time homebuyers, could increase disposable income but also exacerbate inflation by driving up demand in an already constrained housing market[2][3]. Inflation erodes purchasing power, which is a form of currency debasement.

4. **Long-Term Economic Effects**: The Tax Foundation estimates that her tax proposals could reduce long-run GDP by 2% and employment by about 786,000 full-time equivalent jobs[1]. A shrinking economy can lead to higher inflation rates if supply does not meet demand, further degrading currency value.

### Conclusion

While Harris's economic plans aim to address income inequality and support middle-class families, they carry risks related to increased deficits and inflationary pressures. If these factors materialize significantly, they could contribute to the debasement of the U.S. dollar. However, the actual outcomes will depend on various factors, including implementation effectiveness and broader economic conditions.

## Vice President Harris was responsible for votes on measures that resulted in a significant increase in the rate of inflation. Furthermore, the Vice President was accountable for other initiatives that were unsuccessful due to a lack of leadership and effective management, as outlined below.

GUN CONTROL
##Harris stated, "that just because someone legally possesses a gun in their home does not mean that authorities would not have the right to "walk into that home and check to see if you're being responsible" with their firearm storage. This would consist of surprise visits to gun owner homes." [Source SFGov TV]

## Harris is an advocate for the Gun Buyback Program that was initially proposed as mandatory.

## Harris supported SB 357 that mandated the serialization of ammunition.

Immigration and Border Policy
Harris's idea was to address root causes of migration from Central America, such as securing over $4 billion for Central America. The result was an increase in border crossing.

VOTING RIGHTS LEGISLATION
Freedom to Vote Act allowing anyone to vote without ID.

CRIMINAL JUSTICE LEGACY
Harris's past as California's Attorney General haunts her political career. Critics have pointed out her support for strict truancy laws that disproportionately affected families of color and her mixed legacy on criminal justice reform.


STAFF TURN OVER & INTERNAL FRICTION
Her office has experienced significant staff turnover. Reports from former staffers suggest that there were issues with leadership style and morale within her team.


Citations:
[1] https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/
[2] https://www.cnn.com/2024/09/10/economy/economy-plans-trump-harris/index.html
[3] https://www.investopedia.com/kamala-harris-economic-plan-8700945
[4] https://abc7.com/read-harris-trump-presidential-debate-transcript/15288740/
[5] https://finance.yahoo.com/news/how-new-plans-from-kamala-harris-could-impact-the-35-trillion-national-debt-111628833.html
[6] https://www.npr.org/2024/09/11/g-s1-21932/fact-check-trump-harris-presidential-debate-2024
[7] https://www.aljazeera.com/economy/2024/9/11/investors-scramble-to-shift-positions-after-trump-harris-debate
[8] https://www.cbsnews.com/news/kamala-harris-platform-policy-positions-2024/