House Democrats are working on legislation that would permanently expand child tax credit to provide thousands per year per child to tens of millions of Americans in the form of recurring monthly payments.
According to the American Family Act, tax credits would be “fully refundable” and the IRS would send monthly checks for $ 300 to families with children under 6 and $ 250 for payments for children between 6 and 17 years. This would amount to $ 3,600 a year for children under 6 and $ 3000 for older children.
The representatives Suzanne Delbene, D-Wash. And Rosa DeLauro, D-Conn., Are working on presenting the bill, according to The Hill.
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The bill was presented at 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 supported an expansion of the tax credit as part of a coronavirus relief package, but only for a year.
A one-year expansion would cost about $ 120 billion, according to the non-partisan fiscal oversight committee for a responsible federal budget. In general, Republicans are expected to oppose the measure because of its price.
“Representatives DelBene and DeLauro are planning to reintroduce the American Family Act soon. We are currently working on technical changes to the bill, including discussions with the Biden administration about how it would be implemented to obtain benefits for families quickly and efficient, “Nick Martin, a DelBene spokesman, said.
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“The president’s support for this policy is a game changer. One-year expansion is an important pandemic relief policy, but permanently expanding the benefit could give millions of children the opportunity to succeed. Permanent expansion is estimated to lift 4 million children out of poverty and cut deep poverty among children in half, “he added.
The current child tax credit is up to $ 2,000 per child aged 16 and under and reduces 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 for what is left.
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The credit is phased out for single parents who earn more than $ 200,000 or couples who earn more than $ 400,000. The 2017 Tax and Employment Reduction Act increased the size of credit for many families and the amount that is refundable. These changes were promoted by Senator Marco Rubio, R-Fla.