Game-Changer Alert: Proposed Boost to Child Tax Credit 2024 Spells Victory Against Child Poverty

January17, 2024

In a notable effort to address child poverty, Congressional negotiators have unveiled a proposal to increase the Child Tax Credit (CTC) starting in 2024. This bipartisan agreement, if approved, has the potential to lift 400,000 children out of poverty.

capitol building rt jt 240116 1705427088636 hpMain Game-Changer Alert: Proposed Boost to Child Tax Credit 2024 Spells Victory Against Child Poverty
People walk past the U.S. Capitol building on Jan. 11, 2024, in Washington, D.C.
Leah Millis/Reuters

The Proposed Increase

The maximum refundable portion of the CTC is slated to increase from the current $1,600 per child to $1,900 in 2024. This signifies that low-income families, not paying income taxes, could receive up to $1,900 refunded from the $2,000 per-child credit, as opposed to the current $1,600. The amount is set to further rise to $2,000 in 2025.

Fairness for Families with Multiple Children

The proposed changes also focus on ensuring a fair phase-in of the credit for families with multiple children. This step is crucial in making the benefits of the CTC more accessible to low-income families.

The Road Ahead

While the proposal marks a substantial advancement, its journey to becoming law remains uncertain. The bipartisan agreement was reached by Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason T. Smith (R-Mo.). However, House Republicans might hesitate to grant President Biden even a partial victory on one of his key domestic economic policy priorities.

Impact on Families

Senator Wyden emphasized, “Fifteen million kids from low-income families will be better off as a result of this plan.” The expansion of the CTC for some of the lowest-income families could be a game-changer, providing much-needed financial relief.

In conclusion, the proposed Child Tax Credit increase marks a significant step toward reducing child poverty in the United States. As the final decision awaits, millions of families across the country stand to benefit from this potential change.

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