Child Tax Credit Debate Heats Up in Presidential Race: Harris and Vance Propose Major Increases
CNN reports that the child tax credit is a hot topic in the presidential race. Democratic VP nominee Kamala Harris wants to restore the $3,600 credit from the 2021 American Rescue Plan and add a $6,000 credit for newborns. Meanwhile, Republican VP nominee Ohio Senator JD Vance proposes a $5,000 credit per child, though specifics are still being worked out.
The child tax credit is popular with families because it gives them extra money to spend as they need. Both parties see the credit as a way to show they care about helping families. However, the credit is set to go back to a lower amount in 2026 unless Congress takes action. This has made the credit a key topic in the election as each side tries to offer more support to families.
READ ALSO: $6,000 Child Tax Credit: Is Increased Financial Support the Answer to Poverty?
$3,600 to $5,000: Child Tax Credit Expansions Fuel 2024 Presidential Campaign Debate (PHOTO: The Hill)
Child Tax Credit Expansion Faces High Cost: Harris and Vance Proposals Could Add Trillions to Federal Deficit
Expanding the child tax credit could be expensive, adding a lot of money to the federal deficit. Harris’s plan might cost around $1.2 trillion over the next 10 years, while Vance’s proposal could cost between $2 trillion and $3 trillion. Lawmakers will need to balance the cost with the benefits as they discuss changes to the credit in the future.
READ ALSO: $2,000 Child Tax Credit: Maximizing Your Benefits and Future Changes
