- Experiments on quantum point contacts have highlighted an anomalous conductance plateau at $0.7 (2e^2/h)$, with features suggestive of the Kondo effect. Here we present an Anderson model for transport through a point contact which we analyze in the Kondo limit. Hybridization to the band increases abruptly with energy but decreases with valence, so that the background conductance and the Kondo temperature $T_K$ are dominated by different valence transitions. This accounts for the high residual conductance above $T_K$. A spin-polarized current is predicted for Zeeman splitting $g^* \mu_B B > k_B T_K,k_BT$.