The child tax credit is a key issue in the presidential race, with both Democrats and Republicans proposing expansions to help families, but approval in Congress is uncertain and could lead to higher government spending.
Child Tax Credit Expansion Proposals from 2024 Presidential Candidates: What You Need to Know
Child Tax Credit is a hot topic in the presidential race, with both Democrats and Republicans proposing increases to help families with young children. The Democratic National Convention saw Vice President Kamala Harris champion a $6,000 credit for families with newborns and a restoration of the $3,600 per child credit that was in place during the pandemic. Meanwhile, Republican JD Vance suggested a $5,000 per child credit. It’s clear that both parties recognize the need to support families with young children, but their approaches differ in the amount of financial assistance they propose according to KDVR.
Experts say these changes could help families a lot, especially with the high costs of child care and diapers. The goal is to reduce child poverty, which was cut by 46% during the pandemic. However, getting these changes approved in Congress is not guaranteed, as a previous effort for a $2,000 credit failed earlier this month.
READ ALSO: Break Free from Burdensome Property Taxes: McCormick’s Innovative Plan for Indiana Residents
Tax Credits Soar: $6,000, $5,000, and $3,600 Proposals Dominate Presidential Campaign – But Will They Pass Congress? (PHOTO: NBC News)
Colorado’s State-Level Child Tax Credit: How It Compares to National Proposals and Future Possibilities
In Colorado, there is a state-level child tax credit that helps families, though it’s smaller than the national proposals. Senator Michael Bennet believes that there might be a chance to get a bigger credit next year. But experts warn that expanding the credit might lead to higher government spending, which could affect other parts of family budgets.
