Kamala Harris unveils economic plan on Kudlow show

During a recent appearance on the Kudlow show, Vice President Kamala Harris discussed her economic proposals, which have drawn criticism from various commentators. One of her key proposals is a $50,000 small business startup deduction, which some argue may not be applicable for many startups that do not require such a large initial investment. Additionally, her plan includes the repeal of significant tax cuts implemented during the Trump administration, including the 100% immediate expensing bonus for new machinery and equipment, which has been beneficial for small business owners. Harris's economic plan also suggests raising the top income tax rate to 39.6%, impacting many successful small business owners. Critics point out that her proposals could lead to increased estate taxes and the repeal of the 20% small business cost deduction from the Trump plan. Furthermore, her plan includes a $25,000 incentive for home purchases, which could inadvertently raise housing prices, making homes less affordable for young Americans. In her economic speech, Harris proposed increasing the earned income tax credit, which has faced scrutiny due to its association with fraud. She also suggested implementing price controls on food and groceries, a move that has been met with skepticism from economists across the political spectrum. The overall cost of her economic package is estimated at $2 trillion, adding to the existing Biden-Harris budget deficit. Critics, including Byron York, argue that Harris failed to address whether Americans are better off now than they were four years ago, highlighting the contentious nature of her economic proposals and their potential implications for the American economy.