The child tax credit is a big issue in the race for president. Both Democrats and Republicans want to increase it to help families, but it’s not clear if Congress will agree, which could mean more money for the government.
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.
Due to the high cost of child care and nappies, these changes are thought to be very helpful for families. The goal is to cut down on child poverty, which dropped by 46% during the pandemic. But getting these changes passed by Congress isn’t a sure thing. Earlier this month, an attempt to get a $2,000 credit failed.
Colorado’s State-Level Child Tax Credit: How It Compares to National Proposals and Future Possibilities
There is a state-level child tax credit in Colorado that helps families, but it is not as big as what is being proposed at the federal level. Sen. Michael Bennet thinks that next year there may be a chance to get a bigger credit. But experts say that increasing the credit could cause the government to spend more, which could have an impact on other parts of family budgets.