As the 2024 presidential election looms ever closer, many Americans are thinking about how each candidate’s policies might affect their overall financial health. A recent GOBankingRates survey of 1,004 Americans found that opinions are fairly evenly split on whether Kamala Harris or Donald Trump would keep their money safest if elected president.
GOBankingRates spoke to financial experts to find out how Harris’s financial policies could play out for everyday Americans. Here are six ways Vice President Harris might keep your money safest as president.
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Restoring and Expanding the Child Tax Credit
Anthony DeLuca, an expert contributor at Annuity.org, highlighted Harris’s stance on the child tax credit. “She wishes to restore the $3,600 tax credit per child with a $6,000 total benefit for [the] middle class and lower class during their first child’s life,” he shared. This policy could provide significant financial relief for families with young children.
Sidney Curry, co-founder of BC Holdings LLC, added, “There could be increased tax credits for dependent children and assistance with child care. If parents can purposefully use the saved funds to reduce expenses, they can also build more wealth to use during retirement.”
Learn More: How Much Is Vice President Kamala Harris Worth?
Extending the Inflation Reduction Act
DeLuca shared that Harris would also likely extend the Inflation Reduction Act which made ACA plans more affordable – which has many benefits for many Americans. For example, it capped insulin co-pays at $35 a month for Medicare beneficiaries.
By continuing these measures, Harris could help Americans save on healthcare costs, which can make up a significant portion of household expenses.
Addressing Student Loan Debt
According to DeLuca, “Harris has proposed [the] continual forgiveness of student loans along with a $6,000 tax credit for the lower- and middle-income class.” This approach would provide relief for millions of Americans burdened by student loan debt, potentially freeing up more of their income for savings and investments.
Implementing Rent Control Measures
DeLuca pointed out that Harris “looks to end exorbitant rent rate increases by capping this at 5% annually for landlords with 50 or more rental units.” This policy could help renters keep costs down, allowing them to put more of their money into savings and investments.
Stimulating Housing Construction and Homeownership
Harris’s housing policies extend beyond rent control. “Along these lines, she hopes to stimulate housing construction, offer tax incentives to homebuilders and reduce down payments to around $25,000,” DeLuca said.
Ethan Pickner and Steve Kelly, investors and partners at AZ Health Insurance Brokers, commented on Harris’s proposed first-time homebuyer tax credit: “Homeownership in the U.S. has always been the main wealth-driver for most people. It is vital that home affordability and availability remains in the U.S. and this credit may help buyers.”
However, they cautioned that “this can also be inflationary as there will potentially be more buyers bidding on the same home, and therefore driving up the cost of the home.”
Increasing Social Security Benefits
DeLuca shared that Harris wants to increase Social Security benefits for retirees. That would mean more financial security for older Americans in retirement.
The Final Word
Curry succinctly summarized Harris’s approach to taxes: “There will be no tax breaks for the rich or corporate tax cuts (forget about it).” Instead, if you fall into a lower tax bracket, there could be some relief headed your way. As DeLuca pointed out, “If you are a new family trying to live out the American dream, Vice President Kamala Harris’s policies might align with your wants and needs.”
As always, voters should carefully consider how each candidate’s policies might affect their personal financial situation and the broader economy.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 6 Ways Kamala Harris Might Keep Your Money Safest as President
