What the LIFT Act would mean todaySince the LIFT Act was first proposed in 2018, the cost of living has only sky-rocketed, hitting working-class Americans especially hard.
But a tax credit like LIFT would also be extremely costly, according to Tax Policy Center estimates from 2018 and 2019.
However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit.
Focus on the child tax creditLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say.
The American Rescue Plan boosted the child tax credit to $3,000 from $2,000, with an extra $600 for children under age 6 for 2021, and families received up to half upfront via monthly payments.
Persons:
Kamala Harris, Kevin Mohatt, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel, Tomas Philipson, Laura Veldkamp, Harris, Donald Trump
Organizations:
West Allis Central High School, Reuters, Georgetown University, D'Acunto, Plus, White House Council, Economic Advisers, Columbia University Business School, American Rescue Plan, Columbia University, . Census
Locations:
West Allis , Wisconsin