Vice President Kamala Harris has put forward a proposal to increase the child tax credit for newborns to $6,000. This initiative is seen as a direct response to Senator JD Vance’s proposal of a $5,000 credit. However, it is important to note that both plans are anticipated to be expensive and may require tax increases on the wealthy and corporations in order to fund them.
Kamala Harris Proposes $6,000 Child Tax Credit, A Response to JD Vance’s $5,000 Plan
Vice President Kamala Harris is proposing a significant boost to the child tax credit, as reported by Benzinga. Her plan is to raise it to $6,000 for families during the first year of a child’s life. This represents a substantial increase from the $3,600 credit provided in 2021, and it aims to provide much-needed assistance to families with the expenses associated with raising young children.
Harris’s proposal follows closely on the heels of Ohio Senator JD Vance’s suggestion of a $5,000 child tax credit. It is widely seen as a direct response to Vance’s proposition. Despite the previous obstruction of a comparable plan by Senate Republicans, there is growing bipartisan support for the expansion of this credit. Therefore, it is expected that this issue will remain significant in the post-election period.
Child Tax Credit Expansion Could Cost Trillions; Harris Proposes Tax Hikes to Fund It
Expanding the child tax credit carries a significant price tag. Harris proposes a plan that could potentially cost around $1.6 trillion over a ten-year period, while Vance’s idea could range between $2 trillion and $3 trillion. To fund these expenses, it is suggested to increase taxes on affluent individuals and large corporations.
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