“The Joint Committee on Taxation, one of the lawmakers’ in-house legislative scorekeepers, estimated that a taxpayer with two qualifying children and an income of $9,000 for last year would get a child tax credit refund worth $975 under current law but $1,950 if Congress enacts the Tax Relief for American Families and Workers Act, as the bill is known.”
The JTC estimate confirms what we posted a couple days ago. The bill’s expansion of the CTC would help low-income families but is far too small to remove their incentive to work. Even with the expansion, low-wage workers would receive less help to raise their kids than higher-income workers.
“A veteran, whose spouse stays home to take care of their three young children, earns $30,000 as a security guard. The bipartisan proposal would increase their credit by $1,275 in the first year — a meaningful income boost to help this family make ends meet.”