New parents could get $6,000 for the first year of their child's life and a restored child tax credit in Kamala Harris' new economic plan
- Vice President Kamala Harris released new economic proposals ahead of a North Carolina campaign speech.
- They include a $6,000 credit for new parents in their child's first year.
Vice President Kamala Harris has a new plan to cut taxes for parents and working families.
Ahead of Harris' speech in North Carolina on Friday, her campaign released new details of her economic policy platform going into the election. They range from lowering housing and renting costs, helping states cancel medical debt, and implementing a federal ban on price gouging — along with new proposals to cut taxes for Americans.
The proposals include not just restoring the previously enhanced Child Tax Credit — which was hiked to $3,600 per child under the American Rescue Plan — but instituting a new credit for young families.
Per Harris-Walz campaign officials, Harris' proposal includes a $6,000 credit for middle and lower-income families with children in their first year of life; a fact sheet notes that this period might prove costly for families who have to forfeit pay to take time off to care for newborns.
As a campaign official noted, Harris has also expressed support for paid leave in campaign remarks. The US is currently the sole country in the Organization for Economic Cooperation and Development with no paid leave.
Harris and her VP pick Tim Walz "fulfill their commitment to fiscal responsibility, including by asking the wealthiest Americans and largest corporations to pay their fair share—steps that will allow us to make necessary investments in the middle class, while also reducing the deficit and strengthening our fiscal health," the fact sheet said.
The campaign is also proposing a slew of tax cuts for working-class Americans. One measure would enhance the Earned Income Tax Credit for childfree adults, which the campaign says could cut their taxes by up to $1,500. And another proposal says it would shave $700 off health insurance premiums for Americans using the Affordable Care Act Marketplace.
The proposals come as the Harris-Walz campaign signals its economic priorities in the lead-up to the newly reinvigorated race. Other policy frameworks include a plan to combat price-gouging on groceries and $25,000 in down payment support for first-time home buyers.
These tax proposals would require congressional approval, setting the stage for a tax fight with Republican lawmakers should Harris win the presidential election. President Joe Biden has also called for a restoration of the child tax credit, but it has stalled in Congress following GOP opposition to related legislation.
Harris and former President Donald Trump are set to debate in September, and they'll likely bash over economic issues — in recent media appearances and on social media, Trump has blamed Harris for causing inflation and said she "copied" his call to eliminate taxes on tips. It's likely that Harris will continue to build on Biden's key economic policies, and her latest proposals show she'll champion issues aimed at lowering costs for Americans.
Would an enhanced child tax credit substantially change your finances? Contact these reporters at asheffey@businessinsider.com and jkaplan@businessinsider.com.