Kamala Harris, the Democrat, and JD Vance, the Republican, will have a big debate about the child tax credit in the 2024 presidential race.
A Major Point of Debate in the 2024 Presidential Election
According to the report of CNN, in this year’s presidential election, the child tax credit is a big topic for both major parties. Democratic nominee Vice President Kamala Harris is focusing on expanding family tax credit for children to help them pay their bills. It was part of the American Rescue Plan Act of 2021 and gave up to $3,600 per kid.
She wants to bring it back. She also wants to add a new credit of $6,000 for babies born this year. This plan is part of her larger platform to help families with housing, food, and prescription drug bills. Its goal is to give families more financial help.
Republican JD Vance, who would be vice president, is in favour of a $5,000 child tax credit. This thought fits with what former President Donald Trump said about wanting a big credit. Vance hasn’t said exactly how this would work yet, but he offers a method that would apply to everyone, regardless of their income.
Trump wants a big credit, which is similar to what he did during his first term when he tried to raise it. These plans come with big price tags. Harris’s plan is said to add $1.2 trillion to the government deficits over ten years, and Vance’s plan could cost anywhere from $2 trillion to $3 trillion.
Candidates’ Plans for Child Tax Credits and the Economic Impacts
The current credit will drop to $1,000 in 2026, so both candidates’ plans make it clear how important it is to choose how to help families. Harris wants to help more people, especially low-income families, by building on the better credit that came from the pandemic.
Vance’s idea is for an easy-to-reach $5,000 credit for everyone. Over ten years, these ideas will cost between $1.2 trillion and $3 trillion, which is a lot of money. This shows that there will be tough choices and arguments no matter who wins the election.