Politics

Child Tax Credit Takes Center Stage in 2024 Presidential Election

Published

2 months ago

2024-08-25

Child Tax Credit Takes Center Stage in 2024 Presidential Election

The popular child tax credit has emerged as a major topic of contention in this year’s presidential election, with both parties attempting to outdo each other in terms of family friendliness.

Vice President Kamala Harris, the Democratic presidential nominee, prioritises increasing the child tax credit as part of her four-part program to reduce expenses for American families.

The platform also includes initiatives to make housing, groceries, and prescription prescriptions more accessible. She wants to reinstate the 2021 American Rescue Plan Act’s expanded credit of up to $3,600 per kid, which was only in place for a year, as well as establish a $6,000 credit for newborns.

Meanwhile, Ohio Sen. JD Vance, the GOP vice presidential nominee who has consistently claimed Democrats are anti-family, told CBS News earlier this month that he’d like to see the child tax credit increased to $5,000 per child, but that would depend on how “viable” that would be in Congress. Former President Donald Trump, whose daughter Ivanka advocated for expanding the credit during his first term, stated in a recent CBS News interview that he supported a big child tax credit.

“Campaigns are looking for policies that are popular and populist,” said Josh McCabe, director of social policy at the Niskanen Centre, a right-leaning think tank, stressing that raising the amount of the child tax credit is the most appealing to voters. Furthermore, unlike the child care credit, this credit is not restricted to a specific need. “With the child tax credit, families see it as being able to spend it on whatever they want.”

Vance and Democrats have spat over the credit, with Vance wrongly alleging Harris wants to abolish it and Democrats accusing him of missing a vote to temporarily broaden it.

Whoever wins the White House will have to deal with the child tax credit next year, as it is set to revert to a maximum of $1,000 in 2026, down from the current $2,000 ceiling established by the Republicans’ Tax Cuts and Jobs Act of 2017. The credit is one of several individual income tax provisions that expire at the end of next year.

Here’s all you need know about the child tax credit:

What is the Child Tax Credit?

The child tax credit, which about 46 million families will use in 2022, was adopted by a Republican-controlled Congress and signed into law by then-President Bill Clinton, a Democrat, in 1997. Margot Crandall-Hollick, a lead research associate at the independent Tax Policy Centre, described it as a relatively modest tax benefit for middle-income families intended to help alleviate the financial strain of having children.

“The child tax credit appeals to families, and as a result, it appeals to politicians,” she added, stressing that nearly 90% of families with children will receive it in 2022.

Originally, the credit of up to $500 per kid was nonrefundable, which meant that parents had to earn enough to pay federal income taxes to qualify for it. However, it began to phase out for single taxpayers with incomes of more than $75,000 and married couples earning more than $110,000.

Since then, the credit has been enhanced in a variety of ways, including an increase to as much as $2,000. Furthermore, it is now partially refundable, allowing lower-income families to get at least a portion of the credit if they earn at least $2,500, even if they do not pay federal income tax. And more higher-income households are eligible now that the benefit is being phased out for single parents with earnings of $200,000 and married couples earning twice that much.

However, if Congress does not act, the $1,000 maximum credit and lower phase-out levels will be reinstated in 2026. Furthermore, low-income families would need to earn at least $3,000 to qualify.

What the candidates intend to do

By returning the American Rescue Plan enhancement, Harris would significantly raise the size of the child tax credit while also making it fully refundable for millions more low-income families.

The Covid-19 pandemic relief bill increased payments for lower- and middle-income families in 2021 to up to $3,600 per kid up to age 6, and a maximum of $3,000 per child aged 6-17. Furthermore, for the first time, half of the credit was paid in monthly installments from July to December of that year to assist families in meeting their expenses, with the remaining half available for parents to claim when they filed their 2021 taxes.

The upgrade reduced child poverty rates by nearly half in 2021, moving 2.1 million children out of poverty, according to the US Census Bureau. However, the rate recovered to pre-pandemic levels the following year.

Harris would also include a $6,000 credit for children in their first year of life to aid with expenses like car seats and nappies. She hasn’t indicated the income requirement for this credit.

“There’s one more way I’ll help families deal with rising costs, and that’s by letting you keep more of your hard-earned money,” Harris said in a recent speech introducing her economic program, which her team claims will bring tax relief to more than 100 million Americans.

Vance stated on CBS News’ “Face the Nation with Margaret Brennan” that the $5,000 credit should be widely available, but has not provided any specific information on expanding it.

“I don’t think that you want this massive cutoff for lower-income families, which you have right now,” he told me. “You do not want a different approach for upper-income households. “You just want a pro-family child tax credit.”

When asked in a separate CBS News interview whether he supports expanding the credit to $5,000, as his running mate has suggested, the former president said he is in favour of “doing the maximum,” but that it must be discussed by Congress.

The expense of increasing credit has been a source of contention among lawmakers, especially as the country’s debt continues to rise. According to Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, Harris’ proposal could increase federal deficits by about $1.2 trillion over the next decade, while Vance’s proposal could cost between $2 trillion and $3 trillion. Goldwein cautioned that the estimates could change if the candidates release more information about their proposals.

Efforts by President Joe Biden and congressional Democrats to extend or scale back the 2021 extension were failed. Earlier this month, Senate Republicans rejected a package that would have increased credit for low-income families and restored business tax incentives. Earlier this year, the legislation passed the House with bipartisan support.

Source: CNN

Salman Ahmad

Salman Ahmad is a seasoned freelance writer who contributes insightful articles to VORNews. With years of experience in journalism, he possesses a knack for crafting compelling narratives that resonate with readers. Salman's writing style strikes a balance between depth and accessibility, allowing him to tackle complex topics while maintaining clarity. His commitment to thorough research ensures his pieces are well-informed and thought-provoking. Salman's contributions enrich VORNews' content, offering readers a fresh perspective on current events and pressing issues.

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Politics

A Trump Presidency Spells Disaster for Trudeau

Published

24 hours ago

2024-11-06

Geoff Thomas

Trump destabilized Canada in 2016. Trudeau doesn’t want it to happen again.

On Wednesday, Prime Minister Justin Trudeau congratulated Donald Trump on his successful reconquest of the U.S. presidency.

“The partnership between the United States and Canada is the most successful in the world.” A shared history, common values, and steadfast ties between our peoples unite us as neighbors and companions. Trudeau also stated that our economies are profoundly interconnected and are each other’s largest trade partners.

“We look forward to working with President-elect Trump and his administration, including on issues such as trade, investment, and continental peace and security,” he said.

Trudeau later told reporters on Parliament Hill that Trump won a “decisive” victory in Tuesday’s presidential election. He emphasized that Canada’s responsibility is to establish common ground with the incoming president, as Trump does not support Trudeau’s climate or immigration policies.

Trudeau fears Trump

However, in January of the previous year, Trudeau stated that Canada would face significant challenges if Trump were to secure a second term. “It was challenging the first time, and it will be challenging again if there is a second time,” stated Trudeau.

Donald Trump’s victory gives him the authority to advance an agenda heavily reliant on protectionist policies. This could potentially significantly impact long-standing allies such as Canada.

Trump has pledged to impose tariffs on all imports, which experts say would result in a billion-dollar reduction in Canada’s GDP.

Trump has pledged to impose a minimum 10% tariff on all imports and an even higher rate of 60% on Chinese-made products, although he has not disclosed numerous specifics regarding this proposed regime.

He has stated that imposing a punitive tax on foreign goods will reduce the competitiveness of products abroad and encourage domestic manufacturing. Additionally, he has proposed using tariffs to extract trade and other concessions from countries he accuses of defrauding the United States.

High-profile tensions, particularly about ideological conflicts and trade disputes, were notably evident in Donald Trump’s relationship with Justin Trudeau during his former presidency.

During his flight to Singapore in 2018, Trump abruptly withdrew the United States from the G7’s joint communique and referred to Trudeau as “very dishonest and weak.”

In 2019, Trump and Trudeau were again at variance during a NATO Summit in London. Trudeau was captured on video appearing to discuss Trump’s unpredictable behavior with other world leaders.

Trump responded by labeling Trudeau “two-faced” and criticizing Canada for failing to meet NATO’s 2% defense expenditure objective. He characterized Trudeau as a “nice guy” but expressed dissatisfaction with Canada’s contributions.

Economic Disaster

Despite Trump’s absence from office, the disparities persisted. In a 2023 interview, Trudeau drew comparisons between the “Make America Great Again” movement of Trump and the Conservative leaders in Canada, implying that there is a possibility of a reduction in rights related to LGBTQ and abortion.

He expressed apprehensions regarding a populist surge, asserting that “The threat is real,” and cited Trump’s policies as examples of a “regression” in democratic values.

Trump, on the other hand, referred to Trudeau as a “far-left lunatic” and supported the freedom convoy that was protesting the Canadian government’s anti-vaccine mandate.

“The Freedom Convoy is peacefully protesting the harsh policies of far-left lunatic Justin Trudeau, who has destroyed Canada with insane Covid mandates,” stated Trump.

Trump’s victory adds to Trudeau’s woes when polls show he would likely lose to his Conservative opponent in an election that must be held within a year.

In diplomatic disputes with China and India that have impeded efforts to diversify trade, Canada’s declining economy and a rapid increase in the cost of living over the past few years are the primary campaign issues.

Analysts at Desjardins Economics anticipate that Donald Trump’s policies will lead to a 1.7% decline in the real Canadian gross domestic product by the end of 2028, compared with those of a Democratic president.

According to the Canadian Chamber of Commerce, President Trump’s proposed 10% tariff would result in a 0.9% annual decrease in Canada’s real income and a nearly 1% decrease in labor productivity.

The chamber stated that if other countries retaliated, real income would decrease by 1.5% annually, and labor productivity would decrease by nearly 1.6% annually, initiating a trade war.

Trudeau Accused of Sowing Divisions Between Sikhs and Hindus

Trudeau Accused of Sowing Divisions Between Sikhs and Hindus

Geoff Thomas

Geoffrey Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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Politics

India Slams Trudeau Over Pro-Khalistani Sikhs Attacking Canadian Hindus

Published

3 days ago

2024-11-05

Geoff Thomas

India condemned Justin Trudeau over the "cowardly attempts" to intimidate Indian diplomats

On Monday, Prime Minister Narendra Modi of India condemned a recent attack by pro-Khalistani protesters on a Hindu temple in Brampton, Ontario, Canada. He also condemned Justin Trudeau over “cowardly attempts” to intimidate Indian diplomats.

“I strongly condemn an intentional attack on a Hindu temple in Canada. Equally deplorable are the vicious efforts to intimidate Hindus.

Such acts of brutality will never shake India’s determination. The Prime Minister tweeted, “We expect the Canadian government to ensure justice and uphold the rule of law. ”

Earlier in the day, Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal expressed the government’s deep concern, urging Canadian authorities to protect the safety of places of worship and hold those involved accountable.

“We condemn the violent acts committed by extremists and separatists at the Hindu Sabha Temple in Brampton, Ontario, yesterday.”

We urge the Government of Canada to ensure that all houses of worship are safe from such threats.

We also expect that those who engage in violence will face prosecution. We are still very concerned about the safety and security of Indian nationals in Canada.

“Intimidation, harassment, and violence will not deter our Consular officers from providing services to both Indian and Canadian citizens,” Jaiswal stated.

Pro-Khalistanis Sikhs, Hindu Temple, Brampton, Ontario

Pro-Khalistanis Sikhs attack Hindu Temple

A violent bunch of guys holding sticks and attacking worshipers outside the temple were captured on camera and widely distributed. The mob was also spotted brandishing flags from pro-Khalistani separatist factions.

According to the Hindu Canadian Foundation, the violent mob of pro-Khalistani protestors also targeted women and children.

Justin Trudeau wrote on X that Sunday’s violence was “unacceptable,” adding that “every Canadian has the right to freely and safely practice their faith.”

Relations between India and Canada have deteriorated since Ottawa accused the Indian government of being responsible for the 2023 killing of Hardeep Singh Nijjar, a naturalized Canadian citizen who is considered a terrorist in India.

India has categorically refuted this and other allegations, claiming that Canada has no evidence to support its claims.

Mr Nijjar has been an outspoken supporter of the Pro-Khalistan movement, publicly campaigning for it.

The rift between Canada and India has generated concerns about the impact on the two nations’ close commercial and immigration ties.

Bilateral trade is worth billions of dollars, and Canada is home to almost 1.7 million individuals of Indian descent.

Neither country has applied tariffs or other types of economic retribution, but analysts warn that this might change and that a cooling relationship between India and Canada could stymie future economic growth.

Pro-Khalistanis Sikhs Attack Hindu Temple in Brampton

Pro-Khalistanis Sikhs Attack Hindu Temple in Brampton

Geoff Thomas

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Politics

Trudeau Claims Conservatives Will Outlaw Abortion in Canada

Published

5 days ago

2024-11-02

Geoff Thomas

As discord in the Liberal caucus continues, Prime Minister Justin Trudeau is frantically attempting to use abortion to shift the focus away from party descent and develop a compelling message to deliver to Canadians in the upcoming election.

The rebellion has been slow-moving until now, with about 20 MPs publicly demanding the PM’s resignation.

However, this does not hide the large number of Liberal MPs who believe Trudeau is the only one responsible for the party’s impending electoral disaster in October.

By uniting his caucus around some ill-conceived plan to attack Pierre Poilievre and the Conservative Party over abortion, Trudeau expects to put an end to this uprising. Replicating the language of the Harris campaign in the US.

Trudeau has increased his rhetoric, claiming that the Conservatives have a covert plan to outlaw abortion, which they will implement as soon as they take power. An unfounded accusation intended to instill terror in women who back Pierre Poilievre and the Conservative Party.

Unsubstantiated claims

Trudeau made these charges even though the Conservative Party, which held power from 2006 to 2015—including four years in a majority government—never attempted to enact abortion-related legislation.

Additionally, Poilievre has declared his support for abortion to the public. He has often declared that his government will never pass legislation allowing abortion.

Now, Trudeau has declared that he will take tough measures against organizations that provide pregnancy counseling. The justification for this is that they don’t provide abortions.

If the centers don’t reveal that they don’t offer abortions, Trudeau has threatened to revoke their charitable status. The idea is that the volunteers who work at these centers will coerce expectant mothers into forgoing abortions.

But in reality, crisis pregnancy centers are amazing nonprofit organizations that provide low-income expectant mothers with much-needed assistance, including blankets and baby formula.

Another common aspect of their support is professional counseling on making healthy choices during pregnancy and what to anticipate once the baby is born.

Trudeau thinks the Conservatives could potentially destroy Poilievre just as badly as he has destroyed him in the last two years if they could persuade Canadians that they would outlaw access to abortion.

Abortion is not the reason the Conservatives are here. Trudeau and his Liberal Ministers are attempting to divert Canadians’ attention from their poor performance, high inflation, record housing expenses, and record national debt.

Abortion Laws in Canada

In Canada, abortion is legal throughout pregnancy and is publicly sponsored as a medical treatment through the federal Canada Health Act and provincial healthcare systems.

However, the availability of services and resources differs by region. While there are significant restrictions, Canada is one of the few countries that do not have criminal abortion laws.

Abortion is subject to provincial healthcare regulations and medical standards. No province provides abortions on request after 24 weeks, except for specific medical difficulties.

To get an abortion, you do not need the approval of your partner or parents. However, regions and territories have varying rules regarding how children can consent to medical treatment.