CHILD TAX CREDIT TO INCREASE IN 2024
The child tax credit will increase in 2024, according to a new report from the Congressional Budget Office.
The credit will rise from $2,000 to $3,000 per child under age 17.
For children under age 6, the credit will increase to $3,600.
The credit will be fully refundable, meaning that low-income families will receive the full amount even if they do not owe taxes.
The credit will be available to families with incomes up to $200,000 for single filers and $400,000 for joint filers.
The credit will be phased out for higher-income families.
The increase in the child tax credit is part of the Democrats' $3.5 trillion spending plan.
The plan also includes funding for universal pre-K, child care, and paid family leave.
Republicans have criticized the plan as too expensive and have raised concerns about inflation.
The plan is expected to face opposition in Congress.
Democrats hope to pass the plan through budget reconciliation, which would allow them to bypass Republican opposition.
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