Why are these Democrats bashing Biden’s economy in the run-up to 2024, even as the White House is extolling “”? Because of their desperation to revive 2021’s massive, but temporary, expansion of the child tax credit.
The child tax credit’s value doubled under the 2017 Trump tax cuts, with working parents receiving up to $2,000 per child in annual tax relief, including up to $1,400 in taxfrom the IRS if parents worked but didn’t earn enough to owe federal income taxes. Until 2021, to collect this benefit, parents always had to work , and low-income parents received a larger tax credit when they worked more .
For some Beltway liberals, however, that wasn’t good enough. It meant parents who didn’t work were ineligible for child tax credit payments and others who worked and earned too little to owe federal income taxes collected less than the maximum benefit. That’s why Democrats’ $1.9 trillion American Rescue Plan offered what one journalist dubbed “
Source: Financial Digest (financialdigest.net)
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