What Kamala Harris says her tax plans mean for voters

Vice President Harris is proposing a tax increase on the wealthiest Americans to help fund an expansion of the child tax credit, along with tax breaks for first-time home buyers and people starting small businesses. 

The nonpartisan Committee for a Responsible Federal Budget estimates that Harris’ economic plan would add more than $3 trillion to the federal deficit over the next decade, while Trump’s plan would increase the debt by $7.5 trillion. Harris has defended her plan, arguing that economists who’ve reviewed it say it would strengthen America’s economy.

“My plan is about saying that when you invest in small businesses, you invest in the middle class, and you strengthen America’s economy,” Harris said. “Small businesses are part of the backbone of America’s economy.”

To pay for her plan, Harris would raise taxes on high-income earners.

“It is not right that teachers and nurses and firefighters are paying a higher tax rate than billionaires and the biggest corporations,” Harris said. 

She’ll also need to get her plan through Congress.

“There are plenty of leaders in Congress who understand and know that the Trump tax cuts blew up our federal deficit,” Harris said.

Harris’ plan to increase the corporate tax rate from 21% to 28% would raise revenue by about $900 billion through 2035.

What Americans are experiencing in their day-to-day lives

There are many signs that the American economy is doing well. America’s employers added 254,000 jobs in September and the unemployment rate dropped for a second straight month, from 4.2% in August to 4.1% in September. The Federal Reserve last month cut its benchmark interest rate for the first time in more than four years.

Despite all that, many Americans don’t seem to be feeling it. Some voters blame the Biden-Harris administration for the high cost of groceries.

“We now have historic low unemployment in America among all groups of people. We now have an economy that is thriving by all macroeconomic measures,” Harris said. “And, to your point, prices are still too high.”

Part of Harris’ plan to target high prices is a federal ban on price gouging for food and groceries.

Bill Whitaker

Bill Whitaker is an award-winning journalist and 60 Minutes correspondent who has covered major news stories, domestically and across the globe, for more than four decades with CBS News.