Harris and Vance Propose Expanding Child Tax Credit in 2024 Election to Support Families
Research Shows Expanded Child Tax Credit Reduced Child Poverty and Food Insecurity During COVID-19
According to ABC News, as the 2024 election gets closer, both Democrats and Republicans are sharing ideas to help families with money issues. The Child Tax Credit should be made bigger, says Kamala Harris, who is running for president as a vice president. Families with middle- or low-incomes will get up to $6,000 in tax credits in the first year of their child’s life. She also wants to raise the Child Tax Credit to $3,000 for all kids and $3,600 for younger kids if she wins. This could cost $1.1 trillion over 10 years.
On the Republican side, vice presidential candidate JD Vance suggested raising the Child Tax Credit to $5,000. This idea fits with current talks about how financial help can support families. Past research shows that programs like the expanded Child Tax Credit during COVID-19 helped lower child poverty and food insecurity, showing how important these types of support can be.
Bridge Project in New York Highlights Positive Impact of Monthly Financial Support for Low-Income New Mothers
Helping people directly with money has also been shown to be helpful in New York through projects like The Bridge Project. This project gives new moms in low-income areas a set amount of money every month. This helps them save more, find better housing, and make sure they always have food. The main goal of these talks is to find the best ways to assist American families, especially those with young children.