Harris introduces bill to create new tax credit for middle class

Sen. Kamala HarrisKamala Devi HarrisElection Countdown: O 'Rourke Goes to Attack | Remember the second heated debate in the Texas Senate | Heitkamp apologizes for misidentifying victims of abuse | Trump Jr. rallies challenger Manchin | Rick Scott leaves track to tackle hurricane damage Biden: "Totally Legitimate": questioning his age if he runs in 2020 Fox contributor: Warren's ancestors gathered Cherokees for the trail of tears (D-Calif.) Presented Thursday a proposal to create a new refundable tax credit for low- and middle-income individuals and families – the latest economic policy proposal of the potential candidate for the 2020 Democratic presidential elections.

"Americans are working harder than ever, but stagnant wages mean they can not cope with increases in the cost of living," Harris said in a press release. "We should put money back in the pockets of American families to cope with the rising costs of childcare, housing, tuition and the like. Our tax code should reflect our values ​​and instead of easing tax breaks for the top 1% and the best performing companies, we should be raising millions of American families. "

Under the Harris bill, families would benefit from a tax credit of up to $ 6,000. Families earning up to $ 100,000 per year would qualify for the credit, with the credit amount gradually disappearing as taxpayers' income increases. Taxpayers could receive the credit at the end of a year or in monthly installments during a year.

The bill would also increase funding for the volunteer tax assistance program, which helps low-income taxpayers prepare their tax returns.

Harris plans to pay the bill by repealing parts of President TrumpDonald John TrumpTrump renews his attacks against Testing a VA candidate on the eve of the rally in Montana Trump submits his 2017 federal tax returns. Corker: The Trump administration has "blocked" Saudi intelligence, a canceled information session PLUSThe tax relief law that does not alleviate taxpayers earning less than $ 100,000 and imposes fees on financial institutions whose assets exceed $ 50 billion.

Bill's deployment comes a few days before Harris travels to Iowa, home of the country's first presidential caucus. Harris, who is often presented as a potential presidential candidate, should use his time spent in Iowa to increase the number of congressional candidates and state offices before the mid-term elections.

She will also travel to South Carolina and Wisconsin in the coming days.

This is not the first time Harris has proposed in recent months a bill seeking a new tax credit to help people cope with the rising cost of living. During the summer, she proposed legislation that would create a tax credit for people who spend more than 30% of their income on rent and utilities.

Harris is one of many Democrats who have expressed the wish to remove some parts of the tax legislation to fund programs likely to help low- and middle-income taxpayers. Democratic senators have also proposed removing parts of the law to fund new investments in infrastructure.

"Americans want a fair tax system and they are tired of seeing the benefits accrue to the rich and the corporations, while everyone else is struggling to move forward." We need concrete steps to make a difference. financial relief for workers and the middle class – what [Harris’s] the bill does, "said Natalie Foster, co-chair of the economic security project, which likewise proposed a tax credit for working families.