Kamala Harris Wants to Give A $6,000 Tax Credit to New Parents
Vice President Harris is starting to lay out her vision for the economy, and her agenda includes a $ 6,000 tax credit for parents of newborns.
The impact of this could be major—it would lift millions of children out of poverty and provide a needed helping hand to millions of families.
What Is a Tax Credit?
A tax credit is a portion of money that reduces the total taxes owed to the government.
It’s essentially a discount on taxes and can help taxpayers get extra money back on their tax return.
Which Parents Would Qualify for the Support?
Under the policy, parents with a newborn child during the tax year would qualify for a $ 6,000 tax credit. For example, parents who welcomed a new baby in 2025 would get the benefit for that year.
Harris also plans on building on the success of Democrats’ 2021 child tax credit, which gave a $ 3,000-$ 3,600 tax credit for parents who meet income thresholds.
That historic investment instantly cut child poverty to a record low of 5.2%. Under the plan, more than 60 million children benefited as their families received monthly payments. These payments provided major relief, helping cover the costs of expenses like rent, food, and other necessities.
Her proposed tax credit builds on the Biden administration’s American Rescue Plan, which made historic investments that instantly cut child poverty to a record low of 5.2%.
Under the plan, more than 60 million children benefited as their families received monthly payments. These payments provided major relief, helping cover the costs of expenses like rent, food, and other necessities.
“$ 6,000, for the first year of a child’s life … The return on that investment, in terms of what that will do and what it will pay for, will be tremendous. We’ve seen it when we did it in the first year of our administration. It reduced child poverty by over 50%.” – Kamala Harris on the potential impact of the expanded CTC
Kamala Harris understands that investing resources into kids and families in need is an investment in our future.
Economic assistance programs for families can lead to better educational outcomes, more financial stability, improved mental health, and a stronger economy.
When families don’t have to worry about how they’re going to put food on the table, they can have a better quality of life.
A Harris-Walz administration could help ease economic stress for millions of families and significantly lower child poverty.
Together, we can stand up for families by electing Kamala Harris and Tim Walz, true champions for justice who will lead us toward a brighter future for everyone.
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The post Kamala Harris Wants to Give A $ 6,000 Tax Credit to New Parents appeared first on MoveOn: People-Powered Progress.