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The child tax credit—especially the fully-refundable 2021 expanded child tax credit—significantly reduces child poverty. According to the Center on Budget and Policy Priorities, in 2018 the CTC, in conjunction with the earned income tax credit (EITC), lifted 5.5 million children above the poverty line.
In 2021 alone, the temporary child tax credit helped child poverty decrease by 46%, lifting 716,000 Black, 820,000 white, and 1.2 million Latino children and families out of poverty.
January 31, 2024 at 8:33 PM. Samuel Corum. WASHINGTON — The House voted Wednesday night to pass a $78 billion tax package that includes an expansion of the child tax credit, sending it to the ...
In 2021, Democratic backers of expanding the tax credit won their biggest victory — a measure adopted as part of Biden’s COVID-19 recovery plan that boosted it to $3,000 per child, made it ...
Expanded child tax credit would reduce stress. A study from a Harvard University research center found that when families are given a higher child tax credit – as they were in 2021 during the ...
The child tax credit is available to taxpayers who have children under the age of 17 (or in 2021 under the age of 18). Since 2018, the CTC is $2,000 per qualifying child. It is available in full to single filers who make up to $200,000 and married couples filing jointly who make up to $400,000.
What That Means For Parents. There are several key differences between the expanded child tax credit parents enjoyed in 2021 and the pared-back one that was in effect for 2022 and so far, for 2023.
The new child tax credit ... White House spokesman Michael Kikukawa said Biden “remains committed to fighting for the full expanded Child Tax Credit” that he fought for as part of the 2021 law
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