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House Democrats are working on legislation that would permanently expand the child tax credit to provide thousands per year per child to tens of millions of Americans in the form of recurring monthly payments.
Under the American Family Act, the tax credits would be “fully refundable” and the IRS would send monthly checks of $ 300 for families with a child under 6 and payments of $ 250 for children. from 6 to 17 years old. This would work out to $ 3,600 per year for children under 6. and $ 3,000 for older children.
Representatives Suzanne Delbene, D-Wash., And Rosa DeLauro, D-Conn., Are working to introduce the bill, according to The Hill.
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The bill was introduced in the last Congress and won the support of 38 of the 47 Democrats and 187 of the 232 Democrats in the House. President Biden has since backed a tax credit extension as part of a coronavirus relief program, but only for one year.
A one-year expansion would cost around $ 120 billion, according to the non-partisan Budget Oversight Committee for a Responsible Federal Budget. Republicans are generally expected to oppose the measure because of its price.
Representatives. DelBene and DeLauro plan to reintroduce the American Family Act soon. We are currently working on technical changes to the bill, including discussions with the Biden administration on how this would be implemented to obtain benefits families quickly and efficiently, ”Nick Martin, a spokesperson for DelBene, said.
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The president’s support for this policy is a game-changer. The one-year expansion is an important pandemic relief policy, but the continued expansion of benefits could give millions of children the opportunity to succeed. It is estimated that the permanent expansion will lift 4 million children out of poverty and halve severe child poverty, ”he added.
The current child tax credit can be up to $ 2,000 per child 16 and under, and it cuts taxes on a dollar-for-dollar basis rather than in the form of a check. Up to $ 1,400 of the child tax credit is refundable, meaning that if taxes are reduced to zero for low-income families, they can get a refund on what’s left.
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The credit is phased out for single parents earning over $ 200,000 or couples earning over $ 400,000. The Tax Cut and Jobs Act, 2017 increased the size of the credit for many families and the amount refundable. Such changes were pushed by Senator Marco Rubio, R-Fla.
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