If you're a parent in Maine, you know that inflation is really taking a toll on your family's household budget. For example, the cost of food is up 8.9 percent over last year. But here is some news you'll want to know about that could have a very positive impact on the family budget.
The President is calling for is the restoration of the full Child Tax Credit in the new budget. The 2024 budget would expand the credit from $2,000 per child to $3,000 per child for children six years old and above and to $3,600 per child for children under six years of age. (source)
Many parents already know about the Child Tax Credit
Parents received the monthly payments from July to December of 2021 and were able to claim the other half of the money when filing their 2021 taxes in 2022. This is the same program that President wants to start up this program again in 2024.
Who will pay for the bill on this tax credit being sent out?
The White House says that this would by paid for by expanding the corporate taxation beyond he minimum tax by raising the standard corporate tax rate from 21 percent and increasing the amount up to 28 percent. (source)
What do you think of the Biden administration's idea for reinstating this child tax credit? Do you think it is a good idea or do you not like it? Please feel free to share your thoughts in the comments.
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Disclaimer: Please note that this article is created for educational and informational purposes.
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