Kamala Harris Aims to LIFT the Middle Class Out of Poverty
With the midterms just two weeks away, and as chatter around the possible 2020 presidential contenders grows louder, Democrats are announcing their support for proposals to replace the $1.5 trillion GOP tax plan with savings for the middle and lower class. The latest possible 2020 contender to embrace such a proposal is Senator Kamala Harris (D-CA), who announced the LIFT (Livable Incomes for Families Today) the Middle Class Act last week -- a plan that she says would give working families back up to $6,000 and individuals back up to $3,000 each year. Families could opt to receive the money in a lump sum after filing their annual tax return or in monthly installments of $250 to $500, Harris said adding that this could help reduce reliance on payday lenders. The credit would be refundable, which means workers would receive the money even if they don’t owe any taxes. Households earning up to $100,000 would be eligible. “Americans are working harder than ever but stagnant wages mean they can’t keep up with cost of living increases,” said Harris. “We should put money back into the pockets of American families to address rising costs of childcare, housing, tuition, and other expenses. Our tax code should reflect our values and instead of more tax breaks for the top 1% and corporations, we should be lifting up millions of American families.” The Institute on Taxation and Economic Policy estimates the LIFT Act would impact one in every two workers and two out of every three children in America. More here.