Prosperity Now
Prosperity Now
16/08/2024 | Press release | Distributed by Public on 17/08/2024 00:48
Prosperity Now Issues Statement on Competing Child Tax Credit Plans from both Campaigns
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For Immediate Release:
August 16, 2024
Contact:
Brad Bauman
[email protected]WASHINGTON- This week, both the Trump and Harris campaigns released their plans for the expansion of the Child Tax Credit (CTC), a critical piece of financial relief for millions of families. Both campaigns have big and bold plans for the CTC with Senator JD Vance announcing that under Trump's plan, the CTC would be raised to $5,000 and Vice President Kamala Harris announcing that under her plan the CTC, middle-income and low-income families with newborn children would receive $6,000 during the first year of life, and is also proposing up to $3,600 per child tax credit for middle class families with children.
August 16, 2024
Contact:
Brad Bauman
[email protected]WASHINGTON- This week, both the Trump and Harris campaigns released their plans for the expansion of the Child Tax Credit (CTC), a critical piece of financial relief for millions of families. Both campaigns have big and bold plans for the CTC with Senator JD Vance announcing that under Trump's plan, the CTC would be raised to $5,000 and Vice President Kamala Harris announcing that under her plan the CTC, middle-income and low-income families with newborn children would receive $6,000 during the first year of life, and is also proposing up to $3,600 per child tax credit for middle class families with children.
"Both campaigns are showing big, bold proposals to give low-income and middle-income families tax relief that will raise literally millions of children out of poverty should they be enacted," said Marisa Calderon, President and CEO of Prosperity Now. "As always, the devil will be in the details of these plans. Both will undoubtedly need to face risk averse Senators and House members who will be interested in finding appropriate pay-fors in order to extend this relief to families. That said, we are exceptionally excited that both campaigns are prioritizing tax relief for families that will yield important economic benefits for millions of Americans for years to come."
Earlier this month, the Senate failed to pass a cloture vote on the CTC which would have incrementally raised it from $1,800 in 2023 to $1,900 in 2024 and finally $2,000 per family by 2025. The plan, which failed cloture, would have lifted nearly half a million children out of poverty according to research conducted by the Center for Budget Policy and Priorities (CBPP).
BACKGROUND INFORMATION:
- Senator JD Vance announced the Trump Child Tax Credit earlier this week on Face the Nation with Margaret Brennan
- Vance's announcement included an indication that they would expand the CTC without income thresholds saying "You don't want a different policy for higher income families."
- Vice President Harris is expected to announce her CTC plantoday at a speech in North Carolina.
- Harris' plan includes a $6,000 child tax credit for families during the first year of an infant's life.
- Harris' plan would also return the CTC to 2021's expanded child tax credit levels, which was $3,600 per child under age 5 and $3,000 for those older.
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About Prosperity Now -- Since 1979, Prosperity Nowhas been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance economic equity by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact our entire financial ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Learn more at www.prosperitynow.org.