Kamala Harris promises $1.6 trillion in subsidies without a precise plan to finance them

Kamala Harris wants to offer tax credits to parents in the United States. It is one of the Democratic candidate's election promises, which she introduced last week at several rallies and appearances. What is not known, however, is how the Administration will pay for these credits. The current vice president has not yet explained.

According to a rough estimate bythe Tax Foundation, an economic think tank, the measure Harris has announced would cost the public coffers about $1.6 trillion over the next ten years.

When the media have asked Harris how it would be possible to meet that expense, the Democratic candidate has dodged the question. "We're going to have to raise the corporate tax and make sure that big corporations and billionaires pay their fair share. That's what it's all about. It's about paying their fair share," the vice president responded vaguely in an interview on MSNBC.

Harris has proposed extending the $6,000 tax break for parents of newborns, as well as bringing back the Covid pandemic-era child tax break of up to $3,600 for families. He plans to raise the corporate tax rate from 21% to 28% if he wins the November presidential election.

However, should the U.S. Senate have a Republican majority, Harris will have no chance of financing his measure, having also been unable to raise the collection rates among the wealthy and corporations.