Kamala Harris 2025 Economic Plans: How They Compare to Joe Biden’s Policies and What It Means for Your Wallet

Diccon Hyatt is a seasoned financial and economics journalist who has extensively covered the pandemic-era economy through hundreds of insightful stories over the past two years. His expertise lies in translating complex financial topics into clear, relatable language, focusing on how economic trends affect individual finances and the broader market. He has contributed to U.S. 1, Community News Service, and the Middletown Transcript.

Key Insights

• Kamala Harris, the leading contender to succeed Joe Biden on the Democratic ticket, has yet to release a comprehensive economic policy platform.
  
• Analysts generally expect Harris to align closely with Biden’s economic, tax, and trade policies, though she has shown some past deviations.
  
• Her previous proposals include ambitious initiatives such as universal healthcare and tax reforms favoring lower-income Americans.
  

With Bidenomics nearing its conclusion, Americans are keen to understand how Vice President Kamala Harris plans to manage economic challenges and support household finances if elected.

Following President Joe Biden’s announcement to exit the 2024 presidential race, Vice President Kamala Harris has emerged as the endorsed candidate to continue his economic legacy.

"It appears likely that a Harris administration would uphold many of Biden’s economic policies," noted Wells Fargo Securities economists Michael Pugliese and Aubrey George. "We will watch closely for any distinct economic policy shifts should Harris secure the nomination."

Critical issues such as tax reform, national debt, and fiscal responsibility remain at the forefront, with many voters questioning how Harris’s approach might differ.

Lessons From Harris’s Past Economic Proposals

During her tenure as a senator and presidential candidate in 2020, Harris championed several key economic measures.

In 2018, she introduced legislation proposing a $3,000 annual tax credit for individuals and $6,000 for married couples, aimed at easing tax burdens for lower-income earners. This initiative echoes Biden’s expansion of the Child Tax Credit in 2021, which primarily benefited families with children.

Notably, Harris pledged in 2019 to repeal the 2017 Tax Cuts and Jobs Act (TCJA), which reduced taxes for corporations and high earners but also simplified the tax code and enhanced the child tax credit. Biden, conversely, supports maintaining TCJA benefits for those earning under $400,000.

Additionally, Biden proposes raising the corporate tax rate from 21% to 28%, whereas Harris’s repeal of TCJA would restore the pre-2017 rate of 35%. Former President Trump advocates for extending the full TCJA.

Harris also advanced a comprehensive healthcare reform plan in 2019, advocating Medicare for All, funded in part by a financial transactions tax of 0.2% on stock trades.

Expect Continuity Over Radical Change

Experts suggest that despite some differences, the fundamental economic divide in the 2024 election remains unchanged.

The Democratic platform, likely led by Harris, promotes expanded social programs, tax relief for low and middle-income earners, and increased taxes on the wealthy. Republicans continue to push for broad tax cuts favoring businesses and high earners. Trade policies also diverge, with Biden favoring targeted tariffs versus Trump’s broader import tariffs.

Goldman Sachs chief economist Jan Hatzius commented, "We do not anticipate a significant shift in Democratic fiscal and trade policies if Harris becomes the nominee."

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