A proposal on the economy put out by Kamala Harris has the potential to have a big effect on middle-class families nationwide. She recently gave a speech outlining her proposal to establish a $6,000 child tax credit, which would assist families in the first year of their kid’s life.
Increasing household expenses and possibly lower income if one parent takes a temporary leave of absence to care for the newborn are common at this time.
This tax credit is intended to relieve some of the financial strain that many families experience during those early months, freeing up parents to concentrate on their child’s care rather than worrying about money all the time.
The proposed $6,000 child tax credit
Harris’s plan goes above and beyond simply creating a new tax credit. It supports the resumption of the increased child tax credit that was in effect in 2021, which is consistent with President Biden’s stance.
Families received $3,600 for each child under the age of five and $3,000 for each child above the age of five during that year under the American Rescue Plan. Harris wants to reinstate this policy, which was very well-liked by working families and offered substantial financial support in a period of severe economic instability.
In addition to helping families with kids, Harris’s plan aims to help low-income individuals without kids—a population that is frequently disregarded by support programs.
An increase in the Earned Income Tax Credit would help this group of people who are usually disregarded by federal initiatives aimed at combating poverty (EITC).
Read Also: Social Security Tweaks Payments: Could Your $4,873 Be Impacted?
Harris wants to provide middle-class families with targeted help that meets their immediate needs by proposing a $6,000 child tax credit, especially at a time when they are facing severe financial hardship.
This credit is intended to lessen the load on parents so they may focus on meeting their children’s needs during that crucial first year without having to worry about money.
