Vice President Kamala Harris's economic plan calls for increased taxes, government control over pricing, and a slew of costly social programs. Business owners express skepticism, citing San Francisco's policies under Harris's leadership as a potential preview of what lies ahead.
Vice President Kamala Harris's economic proposals have raised eyebrows among business owners, who fear their impact on the economy and their bottom lines. Harris's plan includes a ban on price gouging for groceries and food, cancellation of medical debt, a child tax credit of $6,000 per child, and a $25,000 subsidy for first-time homebuyers.
Business owners are skeptical of these proposals, particularly the ban on price gouging, which they argue could stifle competition and lead to shortages. They also question the feasibility and cost of the other proposals, such as the universal child tax credit and the first-time homebuyer subsidy.
Kamala Harris's Economic Proposals: A Taxing Outlook for Businesses
Rick McQuadie, owner of a Pittsburgh restaurant, said Harris's proposals are "very chilling to the restaurant industry." He explained that a ban on price gouging would prevent businesses from raising prices to cover rising costs, such as the increased minimum wage and food costs.
"We're already operating on thin margins," McQuadie said. "If we can't raise prices to cover our costs, we'll have to cut back on staff or close our doors."
Kamala Harris's Economic Proposals: A Taxing Outlook for Businesses
David Magrogan, owner of a Philadelphia bakery, echoed McQuadie's concerns. He said that the government should not intervene in the free market and that businesses should be allowed to set their own prices.
"We're not price gougers," Magrogan said. "We're just trying to make a living. If the government tells us we can't raise prices, we're going to have to find other ways to cut costs, and that's going to hurt our employees and our customers."
Kamala Harris's Economic Proposals: A Taxing Outlook for Businesses
Harris's economic proposals have also raised concerns among business owners about the potential for increased taxes. Harris has proposed raising corporate taxes to fund her social programs, and she has also supported increasing the capital gains tax.
Business owners fear that increased taxes would stifle economic growth and make it harder for businesses to invest and create jobs. They argue that the government should focus on reducing taxes and regulations, not increasing them.
"I'm all for helping people," Magrogan said. "But we can't tax our way to prosperity. The government needs to get out of the way and let businesses create jobs and grow the economy."
Business owners are also concerned about the potential unintended consequences of Harris's economic proposals. They argue that the government should carefully consider the impact of its policies before implementing them, and they urge Harris to work with the private sector to develop solutions that are both effective and fair.
"We need to have a conversation about the impact of these policies before we move forward," McQuadie said. "We can't just rush into things and hope for the best. We need to make sure that these policies are going to help people without hurting our businesses."
