Did you know that President Biden is calling for is the restoration of the full Child Tax Credit in the 2024 budget? This new proposal 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)
Who would qualify to receive this money?
Now if the Child Tax Credit is reinstated, there are several requirements. First, you must have a child under 17 years of age at the end of the year This individual must be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew) In addition, this individual receiving the Child Tax Credit must be a U.S. Citizen who has lived with you for more than half the year and also be properly claimed as your dependent on your tax return. (source)
Here's how this program would be funded
There are several ways that the budget would fund the 2024 budget. The White House would expand corporate taxation beyond the minimum tax by raising the standard corporate tax rate from 21 percent to 28 percent. The new budget also proposes quadrupling the stock buyback tax passed as part of the IRA, and raising the capital gains rate paid by investors to 39.6 percent for those earning more than $1 million. (source)
What do you think of this proposal to reinstate the Child Tax Credit? Feel free to share your thoughts in the comments.
Disclaimer: Please note that this article is created for educational and informational purposes.