Presidential candidate Kamala Harris has unveiled her plan to expand the child tax credit, with a particular focus on providing financial support for families with newborn babies. Her proposal, which includes restoring the expanded credit from the American Rescue Act, aims to alleviate childhood poverty and has support from both Democrats and Republicans. However, previous attempts to increase the credit have not been successful, making this a key issue in the upcoming election.
Expanding the Child Tax Credit: Kamala Harris's Proposal and the Road Ahead
Background:
Childhood poverty remains a persistent problem in the United States, affecting millions of families. The child tax credit (CTC) is a refundable tax credit that aims to reduce poverty and provide financial support for families with children. In 2021, the American Rescue Act temporarily expanded the CTC, increasing the maximum credit amount and making the credit fully refundable for more families.
Kamala Harris's Proposal:
Senator Kamala Harris has proposed a plan to make the expanded CTC permanent. Her proposal includes:
Support and Challenges:
Harris's proposal has received bipartisan support, with both Democrats and Republicans expressing interest in expanding the CTC. However, previous attempts to increase the credit have faced challenges. In 2021, the Build Back Better Act, which included a CTC expansion, failed to pass the Senate.
Top 5 FAQs:
1. What is the current status of the child tax credit?
The expanded CTC from the American Rescue Act has expired. Harris's proposal aims to make the expanded credit permanent.
2. How many families would benefit from an expanded CTC?
An expanded CTC could benefit millions of families, reducing childhood poverty and providing financial support for parents.
3. What are the arguments for and against expanding the CTC?
Proponents argue that an expanded CTC would reduce poverty, improve child outcomes, and stimulate the economy. Opponents argue that it is too costly and may discourage people from working.
4. What are the chances of an expanded CTC being approved in the future?
The future of the CTC expansion is uncertain, as it faces bipartisan support but has also faced challenges in the past.
5. What can families do to advocate for an expanded CTC?
Families can contact their elected officials, join advocacy groups, and spread awareness about the importance of the CTC to support efforts to expand the credit.
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