Now, a little more than 23 years later, the Child Tax Credit is poised to become the biggest break in the tax code.
It would be a major expansion – but only the latest boost in a long string of increases. Few tax breaks have grown like the Child Tax Credit, with lawmakers beefing up the provision nine times since it was created. “It does not belong in the coronavirus bill,” said Maya MacGuineas, head of the Committee for a Responsible Federal Budget.
The idea quickly won bipartisan support in Congress. Then-Sen. Al Gore introduced child tax credit legislation that year, and the proposal made its way into Republicans’ 1994 Contract with America. “We believe that parents ought to have the first claim on money to take care of their children rather than bureaucrats,” then-House Speaker Newt Gingrich said in 1995.
The credit costs an estimated $118 billion a year, according to official budget scorekeepers, and is claimed on more than 48 million tax returns. Democrats would dump rules linking the break to people’s incomes and allow the poor to claim the entire credit regardless of how much they make – which would mean a dramatic increase in assistance.
What about parents who don’t make enough to pay taxes
We need to support families of all types...for the health of our society.
I am definitely in favor of supporting families and ending child poverty. And I trust that the intent of this is to do that. But women should also be able to obtain birth control and have their choice respected in family planning. Low birth rates should not be a factor.
that's good idea
Our kids are worth everything!
Parents Do not stop supporting their kids at 17. Their is a whole group of people that this tax break currently leaves in the dust. If a young adult is a dependant and not able to work fulltime ( like students) there needs to be help!
They'd allow people to begin claiming it as a monthly payment rather than having to wait until tax time each year. It would amount to a guaranteed minimum income for parents, one that's aimed at substantially reducing the number of kids living in poverty
going to see a lot of folks going back to address who gets to claim a kid on divorce more clearly I bet.
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