Vice President Kamala Harris’s economic policy, released Friday, will provide a $6,000 child tax credit for families within a newborn child’s first year. She also plans to revive the child tax credit from the 2021 pandemic relief law that lapsed at the end of that year.
“It will provide up to $3,600 per child tax credit for middle-class and the most hard-pressed working families with children,” officials said.
The tax credits for newborns would be aimed at helping middle and low-income families in their baby’s first year of life with the costs of everything from cribs to parents taking off time from work to care for the baby. The proposal also includes expanded premium assistance tax credits to defray the cost of buying health insurance on the 2010 healthcare law’s exchanges. Harris is also calling for $25,000 down payments for some first-time homebuyers, relief from medical debt and other measures for her first 100 days in office.
Another way Harris plans to help families—many of whom are struggling amid inflation during the past few years—is by implementing a first-ever federal ban on corporate price-gouging. Her campaign says the plan will “set clear rules” so corporations can’t “unfairly exploit consumers.” She also plans to give the Federal Trade Commission and state Attorneys General the ability to investigate the food industry and impose penalties on corporations who violate the ban.
According to ABC News, inflation remains a top issue for voters and a potential vulnerability for Harris, since rapid price increases emerged during the Biden administration. While inflation has fallen dramatically from its peak, consumers still face prices roughly 20% higher than where they stood before Biden took office.
The Harris campaign calls this a “year when many family’s expenses are highest—with cribs, diapers, car seats and more.” It also notes that many parents who do not have access to paid leave are forced to choose between spending time with their baby and working enough hours to make ends meet.
“These bold actions will address some of the sharpest pain points American families are confronting and bolster their financial security,” the Harris campaign said Friday.
