News

What to know about Kamala Harris’s economic plan, from grocery prices to the child tax credit

Good morning, Broadsheet readers! The Ivy League has a glass ceiling, Paetongtarn Shinawatra will be Thailand's youngest prime minister, and Kamala Harris reveals her economic agenda. Have a productive Monday!

- Talking economics. Kamala Harris unveiled her economic plan on Friday, a month into her campaign as the presumed Democratic presidential nominee. It was her first major policy speech before her party convenes at the Democratic National Convention in Chicago this week.

The plan positions Harris as a candidate focused on the economic well-being of middle-class voters. In a speech in Raleigh, N.C., she called her vision the "opportunity economy," which she defined as a mix of creating circumstances in which everyone has an equal chance to earn wealth and compete as well as removing red tape to support new businesses and innovation.

What to know about Kamala Harris’s economic plan, from grocery prices to the child tax credit
RALEIGH, NORTH CAROLINA - AUGUST 16: Democratic U.S. presidential candidate Vice President Kamala Harris speaks on her policy platform, including improving the cost of living for all Americans, at the Hendrick Center For Automotive Excellence on August 16, 2024 in Raleigh, North Carolina. This is the candidate's first major policy speech since accepting the democratic party nomination.(Photo by Grant Baldwin/Getty Images)

Here's what to know about her proposals:

—In an idea that's gotten the most attention and some pushback, Harris proposed regulating "corporate price-gouging" on groceries. Following a period of high inflation, Harris says she would give the Federal Trade Commission authority to "to investigate and impose strict new penalties on companies" that "run up excessive profits." Some economists question whether the proposal goes against basic supply and demand.

—The vice president proposed a $6,000 child tax credit for families with newborns. The current child tax credit is set to drop to $1,000 by 2025. This idea has some bipartisan momentum. GOP vice presidential candidate JD Vance—who has already created controversy with his " childless cat ladies " comments, part of his view that people should have more children— has floated a $5,000 child tax credit.

—Harris's policies also include up to $25,000 in down-payment assistance for first-time and first-generation homebuyers, part of her overall affordable housing policies.

—She aims to continue the Biden administration's efforts to reduce prescription drug costs .

As my colleague Geoff Colvin wrote forFortunein July , business can expect higher tariffs on American imports under either a Harris or Trump presidency. However, the candidates differ on several other key issues for businesses including immigration, labor, and regulation.

Emma Hinchliffe
emma.hinchliffe@fortune.com

The Broadsheet is Fortune' s newsletter for and about the world's most powerful women. Today's edition was curated by Nina Ajemian. Subscribe here .