Vice President Kamala Harris is set to unveil a new plan aimed at cutting taxes for middle-class and lower-income Americans as part of her economic policy rollout. The proposal, expected to benefit over 100 million Americans, includes various measures to provide tax relief and support to families.
The plan includes reviving or extending temporary measures previously enacted by President Joe Biden and congressional Democrats during the first two years of Biden's term. One key aspect of the proposal is the restoration and permanence of the child tax credit expansion introduced under the American Rescue Plan, increasing it to $3,600 from $2,000.
In addition to the child tax credit enhancement, Harris's plan introduces a new child tax credit of up to $6,000 for middle-class and lower-income families with children in their first year of life. This measure aims to alleviate the financial burden on families during a period when expenses are typically high.
Furthermore, the proposal seeks to expand the earned income tax credit (EITC) to provide frontline workers without dependent children a tax reduction of up to $1,500. The plan also includes extending Affordable Care Act premium subsidies beyond their current expiration date in 2025.
While specific details on the duration of these provisions are not yet disclosed, Harris is expected to present her comprehensive economic policy during a speech in Raleigh, North Carolina. The broader plan reportedly includes initiatives to lower housing costs, such as offering $25,000 in down payment assistance for first-time homeowners and promoting the construction of new housing units.
As Harris introduces her tax cuts proposal, she faces criticism from the Trump campaign, particularly from GOP vice presidential nominee JD Vance, who advocates for increasing the child tax credit to $5,000 per child. The Harris campaign has been vocal in opposing Trump's economic agenda, emphasizing the need to support middle-class and lower-income families over providing tax breaks to the ultra-wealthy.
Overall, Harris's proposed economic policies aim to address key financial challenges faced by American families and promote economic stability and support for those in need.
