House to vote on major tax bill to expand child tax credit, business breaks
CBSN
Washington — The House is set to vote Wednesday on a tax bill that would expand the child tax credit and some business tax breaks, in what would be a rare and long-sought bipartisan victory amid divided government.
Known as the Tax Relief for American Families and Workers Act of 2024, the legislation would bolster the child tax credit, aiming to provide relief to lower-income families. Though it's more modest than a pandemic-era enhancement of the credit, which greatly reduced child poverty and ended in 2021, Democrats have pushed to resurrect the assistance and generally see the move as a positive step.
The legislation would make it easier for more families to qualify for the child tax credit, while increasing the amount from $1,600 per child to $1,800 in 2023, $1,900 in 2024 and $2,000 in 2025. It would also adjust the limit in future years to account for inflation. When in full effect, it could lift at least half a million children out of poverty, according to the Center on Budget and Policy Priorities.
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