Kamala Harris’ $6,000 tax credit proposal: Who would it benefit?
Both parties are making plays to latch on to the popular expanded child tax credit introduced during the pandemic.
Vice President Kamala Harris has proposed an expansion of the child tax credit, offering up to $6,000 in tax relief for families with newborn children.
“We will provide $6,000 in tax relief to families during the first year of a child’s life,” said Harris on the campaign trail.
The plan would have bipartisan support as a similar plan was announced by JD Vance for the Republicans, who are pushing a $5,000 credit.
Dang, a child tax credit arms-race could escalate to universal basic income for families with children. https://t.co/bNkfERhOE6
— Daryl Fairweather ⛅ (@FairweatherPhD) August 16, 2024
Both parties seem in agreement that the expanded covid-19 child tax credit was a popular plan and a potential vote winner in November. This was a temporary measure which provided up to $3,600 per child.
Who would benefit most from an expanded child tax credit?
Harris’s plan would specifically benefit families during the first year of a child’s life, a period often marked by significant expenses such as cribs and diapers.
The $6,000 tax credit proposal is designed to alleviate financial pressure on families with newborns, making it advantageous for all sectors of society that need support.
This demographic often faces heightened financial challenges during the early stages of parenthood, including income loss due to parental leave. By offering this substantial tax credit,
Harris aims to provide immediate financial relief, thereby supporting family stability and economic security during a critical time.
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