The Tax Relief for American Families and Workers Act of 2024 is currently being considered by the Senate, and if approved and signed into law, it would expand the child tax credit over the next three years, potentially benefitting 16 million children in low-income families. This proposed boost to the child tax credit is part of a larger tax bill and aims to provide more money to lower-income families with children. The expansion would increase the maximum refundable amount per child and be adjusted for inflation over the next three tax years.
Critics of the previous child tax credit argue that it kept money from children who needed it most, and the proposed changes seek to address this issue. The bill is currently with the Senate, and its approval is uncertain. However, Senate Majority Leader Chuck Schumer supports the bill, and President Joe Biden remains committed to fighting for the full expanded Child Tax Credit. If the bill passes, families with children could see an increase in the child tax credit over the next three years, potentially providing much-needed financial relief for millions of children in low-income families.
The proposed changes to the child tax credit would provide more money to lower-income families with children by boosting the maximum refundable amount per child over the next three tax years. If approved by the Senate and signed into law, this expansion could benefit 16 million children in low-income families in the first year. While Senate approval remains uncertain, there is support for the bill from Senate Majority Leader Chuck Schumer and President Joe Biden. If passed, the bill would provide a significant boost in financial assistance to families with children, potentially helping millions of children in low-income households. The outcome of the proposal will have a significant impact on the financial well-being of families with children, and it remains to be seen how the discussion and decision-making process will unfold in the Senate.
