New parents could get $6,000 for the first year of their child's life and a restored child tax credit under Kamala Harris' economic plan

• Vice President Kamala Harris released economic proposals ahead of a North Carolina campaign speech.
• They include a $6,000 credit for new parents in their child's first year.
• She also proposed restoring the child tax credit, which has faced GOP opposition in Congress.

Vice President Kamala Harris has a new plan to cut taxes for parents and working families.

Ahead of Harris' speech in North Carolina on Friday, her campaign released details of her economic policy platform going into the election. The proposals are aimed at lowering housing and renting costs, helping states cancel medical debt , implementing a federal ban on price gouging , and cutting taxes for Americans.

They include restoring the enhanced child tax credit — which was hiked to $3,600 per child under the American Rescue Plan in 2021 — and instituting a new credit for young families.

Per Harris-Walz campaign officials, Harris' proposal includes a $6,000 credit for middle- and lower-income families with children in their first year of life; a fact sheet says this period may be costly for families who have to forfeit pay to take time off to care for newborns.

As a campaign official noted, Harris has also expressed support for paid leave in campaign remarks . The US is the sole country in the Organization for Economic Cooperation and Development with no paid leave.

The fact sheet said Harris and her vice-presidential pick, Tim Walz, "fulfill their commitment to fiscal responsibility, including by asking the wealthiest Americans and largest corporations to pay their fair share—steps that will allow us to make necessary investments in the middle class, while also reducing the deficit and strengthening our fiscal health."

The campaign is also proposing a slew of tax cuts for working-class Americans. One measure would enhance the earned-income tax credit for child-free adults, which the campaign says could cut their taxes by up to $1,500. Another proposal says it would shave $700 off health-insurance premiums for Americans using the Affordable Care Act marketplace.

The Harris-Walz campaign is signaling its economic priorities in the newly reinvigorated race. Other policy frameworks include a plan to ban price gouging on groceries and offer $25,000 in down-payment support for first-time homebuyers .

These tax proposals would require congressional approval, setting the stage for a tax fight with Republican lawmakers should Harris win the election. President Joe Biden has also called for a restoration of the child tax credit, but it stalled in Congress following GOP opposition to related legislation.

Harris and former President Donald Trump are set to debate in September, and they're likely to clash over economic issues. In recent media appearances and on social media, Trump has accused Harris of causing inflation and said she copied his call to eliminate taxes on tips. Harris is likely to continue to build on Biden's key economic policies, and her latest proposals indicate she'll champion lowering costs for Americans.

Would an enhanced child tax credit substantially change your finances? Contact these reporters at asheffey@businessinsider.com and jkaplan@businessinsider.com .