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Vice President Kamala Harris would be the 2024 Democratic Social gathering nominee following President Joe Biden’s choice to not search a second time period and incomes his endorsement. Ought to Harris ascend to the highest of the ticket, her legislative file as a senator could make clear her future method to tax coverage.
As a senator, Harris’s signature tax proposal was the LIFT (Livable Incomes for Families Today) the Middle Class Act. The LIFT Act would have supplied low-income employees with a brand new refundable tax credit score along with the Earned Earnings Tax Credit score (EITC) and Youngster Tax Credit score (CTC). The credit score would have matched earnings dollar-for-dollar for the primary $3,000 for single individuals and $6,000 for married {couples}.
In 2018, TPC estimated that the LIFT Act would have delivered most of its advantages to households within the lowest and second quintile of earnings earners. However, unlike the EITC and CTC, the LIFT Act would have delivered sizable advantages to employees with out youngsters. A big share of its advantages would go to adults ages 18 to 24.
Harris additionally launched legislation in 2018 to offer housing help to lower-income households. The plan known as for a refundable tax credit score paid on to renters, however the laws didn’t specify how the IRS would administer the lease credit.
Throughout her 2020 Democratic main marketing campaign, Harris had a roster of tax proposals, together with taxing capital positive aspects on the similar price as abnormal earnings, imposing a monetary transactions tax, strengthening the property tax, and offering tax credits to companies in rural areas and firms creating renewable power sources.
And he or she would probably draw on tax concepts within the proposed budgets and legislative achievements of the Biden-Harris administration, together with the American Rescue Plan Act and the Inflation Reduction Act.
However her file as a Senator and presidential candidate supplies clues about how she would possibly navigate tax points in 2025 and past.
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