Harris wants to give a $6,000 tax credit to parents of newborns. Here's what to know.
CBSN
Vice President Kamala Harris is starting to unveil her economic plans, including a proposal to provide a $6,000 tax credit for parents of newborns as well as bringing back the pandemic-era expanded Child Tax Credit.
The more generous tax credits could lift millions of children out of poverty and aid middle-class families with the cost of raising kids, but it could come with a hefty price tag, according to the nonpartisan Tax Foundation, which pegs the 10-year cost at $1.6 trillion.
Even so, that could be less expensive than a competing proposal from Sen. JD Vance, the Republican vice-presidential nominee, who said he wants to boost the CTC to $5,000. That could cost somewhere between $2 trillion to $3 trillion over the next decade, the nonpartisan Committee for a Responsible Federal Budget told CBS MoneyWatch.
