As a senator, the vice president-elect introduced legislation to grant annual tax credits to individuals and families. A bill introduced in the Senate by Vice President-elect Kamala Harris would put up to $500 a month in the pockets of Americans.
It is “LIFT the Middle Class Act,” legislation introduced by the Democrat in October 2018, before the coronavirus pandemic hit the United States.
Now with an upward trend in pandemic cases in several states, the proposal is more relevant than ever.
“We must put money back into the pockets of American families to meet the rising costs of child care, housing, education and other expenses,” the policy said at the time the measure was introduced.
The plan provided for annual tax credits for individuals and families.
“Our tax code must reflect our values and instead of granting tax breaks for the top 1% of income and corporations, we must lift up the millions of American families,” the Senator added.
Specifically, the piece of legislation stipulates that individual taxpayers who file taxes and earn $50,000 or less per year would receive up to $3,000 per year in credits, equivalent to $250 each month.
While per family with income of $100,000 or less, the amount would increase to $6,000 a year or $500 a month.
The money would be available as a refundable credit.
Harris’ bill failed to win support in the Senate.
While there is a possibility that Harris would push the legislation from her position as Vice President, this would not guarantee that it would be a priority for the Administration she is part of either.
Minimum $2,000 monthly stimulus checks
The above is not the only progressive economic rescue measure that Harris has presented in the Senate and it has not been considered because it involves a large outlay of money
Last May, the legislator announced the filing of the “Monthly Economic Crisis Support Act” with fellow Democrats Ed Markley and Bernie Sanders.
The bill provides for stimulus checks of $2,000 a month, plus the same amount per dependent up to three.
The legislation states that Americans who generate $120,000 per year or less would be eligible for the monthly incentive with payments phased out. Couples could receive up to $4,000 per month, while families with children would receive up to an additional $2,000 per month per child with up to three eligible dependents.
In theory, if the proposal passes, the monthly maximum per family could reach $10,000 considering the money for dependents.