Harris admits in a long speech to Washington DC that “very few” companies practice extortionate pricing

Vice President Kamala Harris appeared to undermine her own economic plan on Wednesday when she said her administration would crack down on companies that charge extortionate prices, before admitting that only “very few” companies practice extortionate pricing.

Harris delivered the speech at the Congressional Hispanic Caucus Institute's 47th annual leadership conference in Washington, DC, and offered few specific details about the policies she is pursuing in her presidential campaign.

At one point, Harris talked about providing families with the resources they need to “raise their children well,” but she did not say what those resources would be or how they would be provided.

“I grew up knowing that the children of the community are the children of the community and that we should all have a vested interest in ensuring that children can grow up with the resources they need to reach their God-given potential,” Harris said.

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Vice President Kamala Harris speaks at the Congressional Hispanic Caucus Institute Leadership Conference in Washington, DC on Wednesday (AP Photo/Jacquelyn Martin)

Harris said she wanted to lower food prices for families struggling to make ends meet and promised to crack down on big corporations that coax customers into paying extortionate prices. But moments later, she seemed to undermine her own policies by saying that “very few” corporations engage in extortionate pricing.

Harris gave few concrete details about her economic policy. (AP Photo/Jose Luis Magana)

“Many of you are coming from states where we've seen extreme weather like we've seen in California, wildfires in other parts of the country, or even the pandemic, where people are desperate because of these kinds of emergencies and they're desperate for assistance, and then there are some, you know, businesses, and it's very few, that are doing that, but then driving up prices to make it even harder for desperate people to make ends meet,” Harris said. “We need to confront that.”

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Harris' economic plan calls for raising the corporate tax rate from the current 21% to 28%, after she supported a 35% corporate tax rate during her short-lived 2020 presidential campaign.

While the Harris team calls this a “fiscally responsible way to put money back into the pockets of working people and ensure that billionaires and major corporations pay their fair share,” it has drawn criticism from some political groups.

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The Tax Foundation estimates that Harris' overall plan would result in tax increases of $4.1 trillion between 2025 and 2034, but would reduce long-term GDP by 2 percent and wages by 1.2 percent. In total, 786,000 jobs would be lost during that period.

Breck Dumas of Fox News Digital contributed to this report.