(CNN) -- Democratic Sen. Kamala Harris, a potential 2020 presidential candidate, proposed new legislation on Thursday aiming to provide tax breaks for low- and middle-class Americans.
The new bill would give tax credits of up to $6,000 per year for households earning less than $100,000 annually, which comes out to $500 per month. Individuals earning under $50,000 per year would be eligible for tax credits up to $3,000 under the plan.
Harris' bill aims to offset the rising cost of living throughout the country, but with Republicans in control of both chambers of Congress, the proposal has very slim chances of advancing on Capitol Hill. The proposal, however, allows Harris to position herself politically as to how she thinks the nation's tax system should be structured. The announcement comes as she travels the country in an effort to campaign for fellow Democrats ahead of the midterm elections and setup a possible 2020 presidential bid.
"We should put money back into the pockets of American families to address rising costs of childcare, housing, tuition, and other expenses," Harris said in a statement. "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 proposal comes as Congress grapples with a rise in the federal deficit for this fiscal year, which is up 17% from last year, according to figures released Monday by the Treasury Department. At $779 billion, the deficit is now the highest it has been since 2012, at least in part due to a new tax cut package passed by congressional Republicans last year, which led to decreased tax revenues.
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