Similar to her current boss, Kamala Harris plans on giving a lot of financial assistance to struggling U.S. families if she becomes the president after the 2024 elections. Harris has been a supporter of Biden’s economic plans—even plans that were never enacted.
Biden has been active in passing stimulus legislation during the COVID-19 pandemic response by supporting acts such as the American Rescue Plan, where he helped in releasing $1,400 stimulus checks for qualifying citizens. Although many such types of programs that have been stimulated during the period of the pandemic have not been continued, Harris supports legislation that would increase the economic status of many citizens either directly or indirectly.
Here are five forms of stimulus you can expect if Harris wins the election.
Child Tax Credit
Harris backed the increase of the federal Child Tax Credit (CTC), which was up to $3,600 for the child under the age of six and $3,000 for a child aged 6 to 17. Being president, she probably will follow these kinds of policies since they are aimed at assisting the poor Americans as well as the middle-class families.
A portion of Harris’ economic plan is, at best, to maintain the Child Tax Credit and, at the very least, raise it back to its pre-2022 levels. She also stated that when she becomes president, she will seek to “significantly” raise the credit to $6,000 For newborn children less than one year, for middle- and low-income earners.
“Families will receive $6,000 worth of tax cuts per child in the first year of their lives,” Harris said at a campaign event in North Carolina outlining her economic policy.
Additional Tax Credits
During the run for the U.S. presidency in the run up to the 2024 polls, Harris was keen on repealing the 2017 Tax Cuts and Jobs Act that Trump signed into law and replacing it with a monthly refundable tax credit of $500 for individuals whose income did not exceed $100,000. The policy, which could be referred to as the LIFT the Middle-Class Act, was groundbreaking since it was aimed at giving middle-class and working families some money that they would use to cater for their living costs.
Housing
Harris has demanded the completion of 3 million housing units in four years as a solution for what Harris referred to as “a severe housing crisis in America.” She also backs the following:
- The new code means that I need legislation to enact the provisions for a new series of tax incentives for builders with the purpose of constructing the new starter homes and selling them to persons who are first-time homeowners.
- A proposed $40 billion ‘innovation fund’ for organizations developing units of affordable rental housing.
- Increase of a plan of the US president Biden, focused on providing $25,000 option of down payments for some categories of renters to become homeowners.
Student Loan Relief
One of the other solutions, with which Harris introduced herself as a presidential candidate, was a student-debt relief program that was a part of a universal program to contribute to HBCUs and Black business owners. Under that plan, recipients of Pell Grants would have their $20,000 student loan debt erased if they started a business in a disadvantaged area and ran it for three years.
As the vice president, Harris supported Biden’s plan of erasing up to $10,000 per borrower of the federal student loan. That plan was finally nixed by the U. S. Supreme Court.
Healthcare
Harris formerly endorsed government-funded single-payer healthcare for all citizens, according to reporters. She later reversed that stance to instead work for the bolstering up of the Affordable Care Act. Her campaign implied that she would ‘maintain temporary enhancements’ in subsidies for the private ones. She also supports the most current White House budget that demands fresh funding for inhabitants of the ten GOP states that did not expand Medicaid.
FAQs
Q. Who gets a Child Tax Credit?
A. The child that you will care for will have to be either under the age of 16 or between 16 and 20 years and must have full-time approved education or training.
Q. What is the US housing program?
A. The federal government manages the FHE and provides federal payments to local housing agencies (HAs) that actually handle the low-rent housing for the populace who have low income and cannot afford to pay high rent. HUD provides both planning and professional services that cover the area of planning for and the development and management of these kinds of developments.
Q. Is USA student debt relief real?
A. As a part of the Biden-Harris Administration’s student debt relief plan for this year, the U. S. Department of Education (ED) is planning to give debt relief specifically to the following borrowers in the fall. Although ED is in the last stages of determining who will be helped through student debt cancellation, the current administration has been very cautious.