Perhaps in 2024, the child tax credit will grow. What that implies to you is as follows.

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The changes agreed to by negotiators would first benefit lower-income families with multiple children, but the expansion may not pass

On Tuesday, congressional negotiators unveiled an approximately $80 billion agreement to increase the federal child tax credit. Should the agreement become law, the program would become more generous, mainly for low-income parents, as early as this year.

After months of trying to come to a consensus, House Ways and Means Committee Chairman Jason T. Smith (R-Mo.) and Senate Finance Committee Chairman Ron Wyden
(D-Ore.) struck a bipartisan accord. However, there is still uncertainty about whether any bill will pass, especially since House Republicans might be hesitant
to grant President Biden even a small victory on one of his top domestic economic policy priorities: reintroducing something akin to the expanded child tax credit, which was the mainstay of his American Rescue Plan for 2021.

“This plan will help fifteen million low-income kids get ahead, and in the current unfavorable political environment, it’s a huge deal to have this opportunity to pass pro-family legislation that benefits so many kids,” Wyden said in a statement.

Congress is getting close to agreeing to partially reinstate Biden’s increased child tax credit.

A key Democratic goal, the agreement would increase the size of the current child tax credit. In return, as a Republican objective, it would also maintain a number of corporate America-favored business tax advantages.

IMPORTANT INFORMATION :-

• Will monthly checks be reinstated due to the increased child tax credit?

• What is the potential rise in the child tax credit?

• To whom is the new child tax credit available?

• To whom does the new child tax credit not apply?

• When did the new child tax credit become available?

• Will Congress approve this bill as it stands?

Published by : Reshraman