Kamala Harris Vs. Trump: Views On Nearly Every Industry — EVs, Oil & Gas, Health Care — Are Worlds Apart
Author: Michael Juliano | July 23, 2024 04:43pm
After President Joe Biden exited the presidential race Sunday, Vice President Kamala Harris won the endorsement of Democratic delegates.
The former California Senator — who served as San Francisco district attorney and later as the state’s attorney general from 2011 to 2017 — is now on the road discussing where she stands on key issues.
Below is an overview of where Harris, 59, likely stands on key political topics, contrasted with the 78-year-old Republican nominee, former President Donald Trump.
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- Electric Vehicles: Harris’ policies on EVs would likely mirror Biden’s, the Detroit Free Press reported. In 2021, she said the country’s ability to manufacture electric cars will determine the health of the nation’s communities. Trump promises to scale back EV mandates; economists say that’s bad news for industry giants like Tesla Inc (NASDAQ:TSLA).
- Oil & Gas: During Biden's presidency, the U.S. set a record for crude oil production. His administration also slashed greenhouse emissions, an effort Harris is expected to continue. For example, on Monday, the White House confirmed more than $4.3 billion in grants from the Environmental Protection Agency to communities to “tackle climate change, improve air quality, and advance environmental justice.” Trump, in April, told oil executives and lobbyists gathered at his Mar-a-Lago resort that he’d roll back environmental rules in exchange for $1 billion.
- Health Care: Harris’ views on health care are similar to Biden’s. Since 2020, efforts have been made to lower prescription drug costs. In 2022, for example, the Inflation Reduction Act passed without a single Republican vote, capping insulin costs at $35 per month for seniors with diabetes. Harris, however, has called for a transition to a single-payer system, which Biden has not endorsed, ABC News reported. One market strategist told Benzinga that the healthcare sector “will thrive under Trump.”
- Reproductive Rights: Harris has criticized the conservative-leaning U.S. Supreme Court for overturning Roe v. Wade in 2022. Trump took credit for the court’s decision. Harris was also the first vice president to visit a Planned Parenthood clinic, and an outspoken critic of Trump’s running mate, Ohio Senator J.D. Vance, who supported a national abortion ban in 2022.
- Taxes: Trump promised to kill income taxes if elected, whereas Harris is expected to stay close to Biden’s plan to renew tax breaks provided in Trump’s expiring Tax Cuts and Jobs Act only to people making less than $400,000 per year, CNBC reported. Harris also proposed replacing the 2017 tax cuts promoted by Trump with a monthly refundable tax credit worth up to $500 for people earning less than $100,000. She unveiled the policy, known as the LIFT the Middle Class Act, in 2018 to address the rising cost of living for middle-class and working families, the New York Times reported.
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