Join us in supporting the bipartisan proposal to expand the Child Tax Credit (CTC), H.R. 7024, the Tax Relief for American Workers and Families Act of 2024. Improvements to the Child Tax Credit in 2021 supported low to moderate income families and individuals. The credits improved financial stability, cut poverty, addressed inequities to economic mobility and boosted efforts to build a thriving community.
Since its creation in 1997, the Child Tax Credit (CTC) has been a family support, providing tax relief and income support to households with dependent children in the form of an annual tax refund. The CTC was enhanced in March 2021, making several significant changes including:
- Providing the full credit to children whose families have low or no income
- Increasing the maximum credit amount
- Providing the credit via monthly refunds
All three changes helped families afford the basics. But even modest expansions can do a lot to reduce poverty. If it is not possible to make the credit fully refundable for all eligible children, Congress still should make improvements that would reduce poverty significantly.
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