WASHINGTON — Kamala Harris, aiming to become president, announced on Wednesday her intention to tackle corporations that exploit consumers while simultaneously demonstrating that her economic policies would favor businesses that comply with regulations.

Speaking to business leaders in Pittsburgh, Harris expressed her belief that most companies genuinely care for their employees and customers. The Democratic presidential candidate, who has dedicated her life to public service and aims to raise corporate taxes, affirmed her commitment to fostering connections between her administration and the business sector.

“I have always been a strong advocate for workers and unions, and I will continue to be,” Harris stated, garnering applause. “At the same time, I recognize the importance of engaging with those who create the majority of jobs in America. Let me be clear: I am a capitalist. I support free and fair markets. I advocate for consistent and transparent regulations to establish a stable business environment.”

Harris’ initial major economic announcement for the 2024 elections included leveraging government lawyers against companies believed to be overcharging for food, alongside increased scrutiny of potential mergers among leading food corporations.

Additionally, she suggested reducing housing expenses by prohibiting Wall Street firms from purchasing homes in large quantities—an action that Democrats argue is inflating prices and limiting options for American families. Harris also proposed capping insulin prices at $35 per month and setting an annual out-of-pocket limit of $2,000 for prescription medications.

Republican candidate Donald Trump has labeled Harris a “Marxist,” while she maintains her identity as a capitalist, earning her the nickname “Comrade Kamala.” This criticism stems from her proposal for a federal ban on price gouging in the food and grocery markets as a measure to combat inflation. This initiative is among the few that diverges from existing Biden administration policies.

Furthermore, Harris has proposed offering tax incentives to encourage builders to create homes designed for first-time buyers and to increase the allowable deduction for new entrepreneurs from $5,000 to as much as $50,000, aiming to stimulate small business growth.

To fund her initiatives, Harris intends to raise the corporate tax rate from 21% to 28%, a reduction previously advocated by Republicans during Trump’s presidency. In contrast, Trump has promised to reduce the corporate tax rate to 15% for companies manufacturing in the U.S. if he is re-elected.

“With the vision I’m presenting today, not only will we prevent our businesses from relocating overseas, but under my leadership, we will reclaim jobs from other countries,” Trump asserted in a Georgia speech on the economy.

Harris details her economic ‘philosophy’ in Pittsburgh

During her speech on Wednesday, Harris emphasized the need for collaboration between government and private sectors to uplift the middle class.

Referencing her own middle-class background, she stressed her intention to adopt a sensible, balanced approach to economic policy that addresses the needs of businesses as well as struggling families.

“As your president, I will remain rooted in my core values of fairness, dignity, and opportunity. I assure you that I will take a practical approach,” Harris declared at the Economic Club of Pittsburgh.

Echoing former President Franklin D. Roosevelt, Harris indicated her commitment to “bold, persistent experimentation” that is not limited by rigid ideologies and focuses on practical solutions through data-driven strategies to tackle current and future challenges facing the nation.

Among the initiatives she highlighted was a proposal for a $6,000 child tax credit for families with newborns and $25,000 assistance for first-time home buyers.

“My goal is to relieve you from the stress of making monthly rent payments while dealing with unexpected car repairs. I want you to have the ability to save for your child’s education and enjoy occasional vacations. I want you to be able to buy holiday gifts for your loved ones without the anxiety of checking your bank balance,” Harris shared. “I want you to build wealth.”

Harris promised to lower taxes for middle-class Americans and ensure that all citizens have access to paid family leave for caring for children and elderly relatives.

She recalled her late mother, who worked as a cancer researcher funded by federal support…

Harris spoke about the challenges she faced when she was diagnosed with her illness and emphasized her vision for a robust middle class, contrasting it with Trump’s policies.

“His focus is not on elevating our middle class. He cares only about improving his own situation and that of the wealthiest Americans. This is clearly evident in his economic agenda,” Harris stated during an event in Pittsburgh.

Concerns About Harris and Trump’s Economic Strategies

Harris and Trump have both been vague about the specifics of how their strategies will reduce costs.

Trump has proposed implementing wide-ranging tariffs of 20% or more on imports, suggesting he might bypass Congress. Harris, along with some economists, has likened this Republican strategy to a sales tax, which could negatively impact consumers and American businesses.

To successfully implement most of her initiatives, Harris would need to collaborate with Congress. For instance, her proposed bans on price gouging and tax deductions for businesses and consumers would require congressional backing.

Highlighting Economic Plans

By choosing to address the business community in Pittsburgh, Harris is signaling her campaign’s approach as the election date approaches. This industrial hub has been a frequent stop for her since she was named the Democratic nominee, especially during her preparations for her sole debate with Trump.

A recent YSL News/Suffolk University poll indicated that Trump held a nearly six-point advantage over Harris regarding economic issues, though the national poll showed Harris leading by four points overall. Another poll specifically for Pennsylvania suggested Harris was slightly ahead of Trump, though this result fell within the margin of error.

This week, Harris’s campaign highlighted a letter of support from over 400 economists, endorsing her candidacy over Trump. The letter warned that his policies might lead to inflation, hinder economic growth, and increase joblessness.