Vice President Kamala Harris called for an expanded child tax credit on Friday.
.@KamalaHarris and @Tim_Walz have a bold vision for America’s future. I’ve never been more optimistic about the future of our country.
Tune in as the second day of the Democratic National Convention begins.
https://t.co/HkMXZbMGV2— Joe Biden (@JoeBiden) August 21, 2024
She wants to give up to $6,000 in total benefits to middle- and low-income families during a child’s first year. Harris’ plan would restore the credits from the American Rescue Plan in 2021.
That plan provided a maximum credit of up to $3,600, depending on the child’s age and family’s income.
Tonight, I’m speaking at the @DemConvention about why @KamalaHarris and @Tim_Walz are the leaders our country needs right now. Tune in: https://t.co/Py5EMx43f5
— Barack Obama (@BarackObama) August 21, 2024
“We will provide $6,000 in tax relief to families during the first year of a child’s life,” Harris said in a speech in Raleigh, North Carolina. Sen.
JD Vance of Ohio, former President Donald Trump’s GOP running mate, recently suggested a $5,000 child tax credit.
"Egg prices went up last year — it’s because there weren’t as many eggs, and it caused more egg production". @jasonfurman doing yeoman's work explaining basic economics, a sadly necessary task these days. https://t.co/F6ynRquPTe
— Richard V. Reeves (@RichardvReeves) August 20, 2024
Expanded child tax benefits proposed
A Trump campaign official said Trump will consider a significant expansion of the credit for American families.
On Friday, VP @kamalaharris announced her plan to construct 3 million new housing units and expand the child tax credit. Read more about her work to lower costs for American families 👇https://t.co/IWLloSPVne
— EMILYs List 🥥🌴 (@emilyslist) August 18, 2024
Kyle Pomerleau, a tax expert with the American Enterprise Institute, said Harris’ proposed $2,400 bonus for newborns sounded like a response to Vance. Senate Republicans blocked an expansion of the credit earlier in August, but they may revisit it after the election. Andrew Lautz of the Bipartisan Policy Center said there is bipartisan support for expanding the credit, but the size and design will depend on which party controls the White House and Congress.
Without action from Congress, the maximum child tax credit will drop to $1,000 after 2025. The American Rescue Plan temporarily increased it to $3,600 in 2021, which helped reduce child poverty that year. Expanding the credit to $3,600 could cost an estimated $100 billion, according to the Committee for a Responsible Federal Budget.
Harris’ campaign said her proposal includes calls for fiscal responsibility and targets large corporations.
- CNBC.”Harris calls for expanded child tax credit of up to $6,000 for families with newborns”.
- Economist.”Kamala Harris’s cost-of-living plan will end in failure”.
- NYTimes.”Opinion | Kamalanomics, Revealed: A Solid Center-Left Agenda”.