Additional Coverage:
- New parents could get $6,000 for the first year of their child’s life and a restored child tax credit under Kamala Harris’ economic plan (newsbreak.com)
Vice President Kamala Harris has put forward new economic initiatives as part of her upcoming campaign speech in North Carolina. These proposals are designed to alleviate financial pressures on parents and working families and include significant changes to tax credits and supports.
One of the main features of Harris’s economic strategy is the rejuvenation of the enhanced child tax credit, increasing it to $3,600 per child, as was temporarily implemented under the 2021 American Rescue Plan. Additionally, the plan introduces a new $6,000 tax credit for parents during their child’s first year, acknowledging the high costs associated with the birth and care of a newborn when parents may need to take unpaid leave from work.
Beyond support for new parents, the Harris campaign, in conjunction with her vice-presidential running mate Tim Walz, seeks to extend economic relief through various other avenues. This includes potential reductions in housing and rental costs, steps to eliminate medical debt at the state level, and the imposition of a federal ban on price gouging. The campaign aims to fund these initiatives without adding to the national debt by increasing taxes on the wealthiest individuals and largest corporations.
Further tax relief proposals highlighted in Harris’s campaign involve expanding the earned-income tax credit for individuals without children, potentially reducing their tax burden by up to $1,500. The plan also suggests a reduction of $700 on health insurance premiums for those using the Affordable Care Act marketplace.
Harris’s economic proposals form part of a broader approach to support the middle class and reduce living costs for Americans — an agenda that sets up a potential confrontation with Republican legislators should she win the election. President Joe Biden has previously voiced similar aspirations regarding the child tax credit, which face resistance in Congress.
As the election heats up, economic strategies will undoubtedly be a central theme in debates, particularly the upcoming one in September between Harris and former President Donald Trump. Trump has criticized Harris’s economic policies, accusing them of contributing to inflation and alleging that she has borrowed from his own economic proposals.
These new economic measures proposed by the Harris-Walz campaign underscore a commitment to fiscal responsibility and a focus on supporting working-class Americans. They suggest a continued effort to build upon existing policies under the Biden administration aimed at easing financial strains for many in the country.