$6,000 Tax Credits for Families: What to Expect from Kamala Harris’ Presidential Bid

Kamala Harris’ Tax Policy

What Families Can Expect from a Potential Presidency

As Vice President Kamala Harris prepares for the 2024 presidential election, people are interested in how she might change tax policy, especially for families and children. Recently, there was confusion about her stance on the child tax credit (CTC), with Republican vice presidential nominee Sen. JD Vance incorrectly claiming Harris is against it. Treasury Secretary Janet Yellen clarified that Harris supports keeping tax relief for middle-income families showing her commitment to helping households.

Harris’s previous ideas give a hint about what she might do next. While she was a senator, she proposed the LIFT (Livable Incomes for Families Today) Act which aimed to give up to $6,000 in annual tax credits to lower and middle-income families. Although this wasn’t specifically a child tax credit it shows her focus on financial help for families. If she revisits this idea or builds on it and it could work alongside an expanded CTC to provide more support, according to the report of Kiplinger.

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(photo: Fortune)

How a Biden Administration Could Balance Tax Breaks for Low- and Middle-Income Families with Ending Cuts for the Rich

With key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) set to expire soon, the next president will need to make important tax decisions. Harris might push to keep tax breaks for lower and middle-income families while allowing cuts for higher earners to end. As her campaign moves forward, more details will emerge on how a Harris administration could change tax policy to help families and children across the country.

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