Vice President Kamala Harris is set to propose a new economic plan aimed at cutting taxes for middle-class and lower-income Americans. The plan, which is expected to offer tax relief for more than 100 million Americans, will be formally unveiled during a speech in Raleigh, North Carolina, according to CNN.
The proposal includes the restoration of the American Rescue Plan’s expansion of the child tax credit to as much as $3,600, up from $2,000, and calls for it to be made permanent. Additionally, it 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.
The plan also seeks to expand the earned income tax credit, known as the EITC, to offer frontline workers without dependent children a tax reduction of up to $1,500. Furthermore, it calls for extending the more generous Affordable Care Act premium subsidies that are set to expire at the end of 2025.
In addition to tax cuts, Harris’s economic policy includes a four-year plan to lower housing costs, including $25,000 in down payment assistance for first-time homeowners and actions aimed at spurring the construction of new housing, including tax incentives for building starter homes. She is also expected to call for a federal ban on price gouging to lower grocery prices and everyday costs.
However, the plan does not specify how these costly provisions would be funded, and it would require congressional approval. The proposal comes as Harris faces criticism from the Trump campaign for being anti-family. In response, the Harris campaign argues that Trump’s economic agenda promises to give another billionaire tax break to his ultra-wealthy friends.
Recent Comments