Kamala Harris now proposes a whopping $25K first-time homebuyer subsidy to help assist families on their down payment.
The proposal was unveiled on Friday.
However, there are economists and housing experts who have already begun to express their skepticism amidst the current housing crisis.
One of the biggest issues cited is that there is simply too much demand and not enough supply.
The Harris-Walz campaign unveiled its first economic policy plan, aiming to ease the financial burden on American families.
The plan includes a proposal to provide $25,000 grants to over a million first-time homebuyers with a history of timely rent payments.
This initiative, along with a new child tax credit, other tax incentives, and the recent negotiation of Medicare prescription drug prices, forms a comprehensive economic agenda addressing the rising cost of living, a major concern for voters.
The campaign emphasizes “more generous support for first-generation homeowners,” highlighting the plan’s focus on making homeownership more accessible.
But Harris’ housing policy, the details of which are still to be confirmed, would not fix the underlying supply and demand issue, as well as stubbornly high interest rates, that have made the prospect of buying a home so unaffordable for so many, reports NewsWeek.
Scott Lincicome, the vice president of general economics at the libertarian Cato Institute says, “Housing prices spiked during the pandemic, but housing prices have been an issue for a long time.”
The Harris plan is essentially an expanded version of a proposal set forth by President Biden, which would earmark $25,000 in down-payment assistance for 400,000 first-generation home buyers plus a $10,000 tax credit for first-time home buyers.
The Harris campaign says its proposal would benefit four million first-time buyers over the next four years.
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Also Read: Donald Trump Now Plans To End Social Security Taxes For Retirees
Other Political News Today
Kamala Harris is now proposing raising crypto tax to 28%, according to an announcement she made in a recent campaign in Georgia.
During her recent campaign stop in Georgia, Vice President Kamala Harris proposed raising the tax rate on cryptocurrency investments to 28% for the wealthy.
This move is part of her broader economic policy, which aims to support the middle class and small businesses.
Harris’s economic proposal echoes President Biden’s budget plan, which includes raising taxes on wealthy cryptocurrency investors.
The idea is centered around strengthening the middle class, providing support for small businesses, and tackling student loan debt.
Her approach emphasizes fairness and creating more economic opportunities for everyone.
However, the crypto community says raising the crypto tax to 28% is too much.
In Atlanta, Harris drew a larger crowd than President Biden has this year, highlighting her campaign’s strength in the South.
Her speech featured a notable appearance with rapper Megan Thee Stallion, reflecting a high-profile campaign effort.
In mid-August, Harris is expected to further detail parts of her economic agenda.
“Her platform continues to prioritize support for working families and small businesses, along with her commitment to addressing economic inequality,” reports CoinLive.
It seems the solution to every problem at the moment seems to be ‘higher taxes’.
But higher taxes is only making the government wealthier, no matter the party.
With inflation just starting to cool and less purchasing power from Americans due to rising taxes and mass layoffs, is higher taxes really what America needs right now?
Leave your thoughts below.
Also Read: Massive Banks Are Now Accused of Cheating Customers Billions
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About The Author
Bad idea first she’s stealing tax payer money secondly it’s going to drive the price of homes up third price of housing goes up property taxes go up fourth there’s already a housing storage this will make it worse. Another pandering to get votes
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