Vice President Kamala Harris has proposed raising the child tax credit to $6,000 for newborns, a move seen as a response to Senator JD Vance’s $5,000 credit proposal, with both plans expected to be costly and requiring potential tax increases on the wealthy and corporations to fund them.
Kamala Harris Proposes $6,000 Child Tax Credit, A Response to JD Vance’s $5,000 Plan
According to Benzinga, Vice President Kamala Harris has suggested a big increase in the child tax credit. She wants to raise it to $6,000 for families in the first year of a child’s life. This is a big jump from the $3,600 credit from 2021 and is meant to help families with early child costs.
Harris’s plan comes soon after Ohio Senator JD Vance proposed a $5,000 child tax credit. Many see Harris’ idea as a response to Vance’s. Even though Senate Republicans recently blocked a similar plan, more people from both parties support expanding the credit, and this issue will likely be important after the election.
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$6,000 Child Tax Credit: Kamala Harris Proposes Major Expansion – Seeking $1.6 Trillion Funding Boost! (PHOTO: Scripps News)
Child Tax Credit Expansion Could Cost Trillions; Harris Proposes Tax Hikes to Fund It
Expanding the child tax credit would be very expensive. Harris’s plan could cost around $1.6 trillion over ten years, and Vance’s idea might cost between $2 trillion and $3 trillion. To cover these costs, `suggests raising taxes on wealthy people and big companies.
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