Vice President Kamala Harris wants to raise the child tax credit for newborns to $6,000. This is seen as a response to Senator JD Vance’s proposal for a $5,000 credit. Both plans are expected to be expensive and could require tax increases on the wealthy and businesses to pay for them.
Kamala Harris Proposes $6,000 Child Tax Credit, A Response to JD Vance’s $5,000 Plan
Benzinga, says that Vice President Kamala Harris has called for a big boost in the child tax credit. In the first year of a child’s life, she wants to raise it to $6,000. The $3,600 credit from 2021 has been raised to this much. The credit is meant to help families with the costs of having a child.
Soon after Harris’s plan, Ohio Senator JD Vance put forward a $5,000 tax credit for children. Harris’s idea is seen by many as an answer to Vance’s. Republicans in the Senate recently stopped a similar plan, but more people from both parties want to increase the credit. This problem will likely be important after the election.
Child Tax Credit Expansion Could Cost Trillions; Harris Proposes Tax Hikes to Fund It
It would cost a lot of money to make the child tax credit bigger. Over ten years, Harris’s plan might cost about $1.6 trillion, and Vance’s idea might cost around $2 trillion to $3 trillion. To pay for these things, suggests that rich people and big businesses pay more in taxes.