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By Samuel Gonzalez
Aug 21, 2024, 12:40 PM EDT
In just one month since her Democratic presidential candidacy was made official, Kamala Harris has already unveiled one of the most attractive plans for her future campaign. There is a proposal from the current vice president of the United States that has attracted attention: a $6,000 tax credit for parents of newborns. It also seeks to bring back the expanded Child Tax Credit, so popular and necessary in the wake of the pandemic.
In a statement on Friday, August 16, Vice President Harris proposed that families with newborns receive $6,000. This credit would be available only to help with household expenses during the child’s first year of lifeFor example, if a family welcomed a child into their home in 2025, they would receive the benefit for that tax year.
“It is a vital year of critical development for a child”“And the cost can be very high, especially for young parents who need to buy diapers, clothes, a car seat and many other things,” Harris said during a speech in North Carolina.
The main idea comes from the reestablishment of the expanded Child Tax Credit that was granted during the pandemic and that helped reduce child food poverty in the United States. In addition to giving the $6,000 dollars for newborns, would seek to return the support of $3,600 dollars for families with children under six years old and $3,000 dollars for children between 6 and 17 years oldwhich were awarded in 2021.
Harris did not reveal whether eligibility for this CTC would be the same as in 2021.where the income threshold is decisive. For the current tax year, the CTC is being phased out for single taxpayers earning more than $200,000 and married couples with more than $400,000 in income.
According to the Tax Foundation, a nonpartisan group, tax credits that are generous in sending money to middle- and low-income American families help combat child food poverty and cover the costs of raising a childThe agency estimates government spending of $1.6 trillion over 10 years.
Harris’ proposal comes just days away after the Senate blocked a proposal to expand the CTCl, approved by a large bipartisan majority in the House of Representatives at the beginning of the year. This would be the same challenge that Harris’s project would have to overcome, should she win the presidency and fail to achieve a Democratic majority in Congress.
And while the main argument for Republican opposition is the high cost it would mean for the United States government, the justification might not be valid when compared to a similar proposal from their party’s vice presidential candidate, JD Vance, Donald Trump’s running mate, proposed an increased CTC to $5,000 dollarswith more rigorous eligibility criteria. The Committee for a Responsible Federal Budget, a nonpartisan group, estimated that This project could cost between $2 and $3 trillion over the next decade.
In any case, the details of their proposals for an expanded CTC will determine their success in Congress and against their rival parties. First, we need to know who will occupy the White House, Kamala Harris or Donald Trump.
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