Vice President Kamala Harris and President Donald Trump’s economic platforms and strategies include both their announced policies and their past records. With a fiscal cliff approaching in 2025 due to expiration of major provisions from the Tax Cuts and Jobs Act, economic policies are a key focus of both presidential candidates.

Given that the outcome of this upcoming November election is projected to be close, the goal of this spotlight on Harris is to help credit unions examine the potential economic impacts of either a Harris administration or a Trump administration.

Harris’s Proposed Economic Platform
Harris plans to prioritize the economy from day-one if elected. Since becoming the Democratic nominee, Harris has outlined several key economic proposals, with a more detailed plan expected before her debate with Trump:

• No Tax on Tips: Eliminates tips from being taxed as income.
• Increased Child Tax Credit: Proposes raising the child tax credit to $6,000 for newborns in their first year and $3,600 per-child for qualifying families.
• Expanded Earned Income Tax Credit (EITC): Expansion for low-income workers without children.
• Regulating Price Gouging: Proposes measures to address excessive pricing, including further empowerment of the Federal Trade Commission (FTC) to leverage anti-trust laws.
• Small Business Startup Tax Deductions: Increase tax deductions for small businesses’ startup costs from $5,000 to $50,000.
• Community Development Financial Institutions (CDFI): Called for boosting investment in CDFIs.
• Capital Gains: Increase capital gains to 28 percent from 20 percent for those who earn $1 million or more.
• Tax for Households with High Net-Worth: Levies a 25-percent minimum income tax on households with $100 million or more in net worth, and increases taxes on stock buybacks to 4 percent.
• Affordable Housing Initiatives: Brand new tax credit for building new affordable housing units and an expansion of eligibility for the $25,000 first-time homebuyers assistance, as well as a $40 billion fund for innovative housing construction.

Harris’s record as vice president indicates her economic approach if she becomes president. A Harris administration is expected to emphasize consumer protections and continue policies such as fee caps in the financial sector through the Consumer Financial Protection Bureau (CFPB).

Credit Unions can anticipate a continuation of current economic policies under Harris, as most of the existing cabinet members and staff are likely to remain. While regulatory efforts may stay similar, new tax relief measures may also encourage increased consumer participation in lending and banking, along with new policies or variations on policy.

Interested in learning more? Tune-in to the presidential debate on Tuesday, September 10, at 6 p.m. (Pacific) on ABC News.