Kamala Harris" Policies Boost Wealthy Amid Middle Class Promises

As the presidential race nears its conclusion, Vice President Kamala Harris has positioned herself as a defender of the middle class, claiming to advocate for fair taxation of the wealthy. However, her policies have resulted in significant financial benefits for large corporations and affluent individuals. Under the Biden-Harris administration, corporate subsidies have surged, with a 10-year budget allocation of $1.2 trillion in 2021. The Inflation Reduction Act has further expanded corporate welfare, with an estimated $780 billion in benefits directed towards a small number of large corporations, predominantly in the energy sector. The extended pause on student loan payments has primarily benefited high-earning graduates, such as lawyers and physicians, while the burden of funding this relief has fallen on taxpayers, many of whom did not attend college. Efforts to forgive $10,000 in student loan debt have disproportionately favored wealthier individuals, raising questions about the progressiveness of such policies. Additionally, the American Rescue Plan has been linked to rising inflation, complicating the economic landscape for middle-class Americans. Harris has proposed restoring the enhanced Child Tax Credit and introducing a new tax credit for newborns, which critics argue will further redistribute taxpayer funds to high-income households. The potential expiration of the SALT deduction cap in 2025 is another concern, as it primarily benefits high earners, with 99% of its advantages going to those making over $100,000 annually. In summary, despite her claims of supporting the middle class, Harris' policies have largely favored the wealthy and corporations, leaving lower-income Americans at a disadvantage and raising concerns about the effectiveness of her administration's economic strategies.