President Joe Biden and his administration have released a new budget proposal. The proposal calls for the federal child tax credit to be restored to the amount it was in 2021 during the pandemic. The federal child tax credit was increased to $3,600 during this time. After the pandemic, the amount was lowered back to its original $2,000. (source)
With this announcement, there is hope for American families that the expanded credit could make a comeback. Under the proposal, children age six and over will receive the maximum benefit of $3,000. For children under six years old, they would get the $3,600 maximum. (source)
President Joe Biden made the following comment in a tweet.
"My budget would keep growing our economy by investing in the foundation of its strength: the American people. That means helping families by providing paid family and medical leave and restoring the full Child Tax Credit, which cut child poverty in half in 2021." (source)
The amount of credit each family will receive is based on income level, marital status and the number of eligible dependent children living in each household. (source)
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