A COVID-era program is awash in fraud. Congress aims to wind it down and expand the child tax credit
1 year, 1 month ago

A COVID-era program is awash in fraud. Congress aims to wind it down and expand the child tax credit

Associated Press  

WASHINGTON — When IRS Commissioner Danny Werfel met privately with senators recently, the chairman of the Senate Finance Committee asked for his assessment of a startling report: A whistleblower estimated that 95% of claims now being made by businesses for a COVID-era tax break were fraudulent. Lawmakers aim to use the savings to offset the cost of three business tax breaks and a more generous child tax credit for many low-income families. Households benefiting from the changes in the child tax credit would see an average tax cut of $680 in the first year, according to an estimate from the nonpartisan Tax Policy Center. An agreement reached earlier this month by congressional tax-writers would increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. The Center on Budget and Policy Priorities, a liberal think tank and advocacy group, projected that about 16 million children in low-income families would benefit from the child tax credit expansion.

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History of this topic

How a ‘game-changer’ child tax credit for families became a priority for Harris, Vance
7 months ago

How a ‘game-changer’ child tax credit for families became a priority for Harris, Vance

LA Times  

Parent coach Alba Mariscal, left, makes a home visit to Cudahy in August 2023. And in an appearance on CBS’ “Face the Nation” last Sunday, Vance said he supported an increase to the child tax credit. “Look, I’d love to see a child tax credit that’s $5,000 per child,” he said. The child tax credit was first enacted in 1997 …

Senate rejects legislation that would expand child tax credit and restore business tax breaks
7 months, 2 weeks ago

Senate rejects legislation that would expand child tax credit and restore business tax breaks

Associated Press  

WASHINGTON — A bill to expand the child tax credit and restore some tax breaks for businesses failed to advance in the Senate on Thursday as Republicans largely opposed the measure, arguing they would be in position to get a better deal next year. He was also looking to counter assertions from Republican presidential nominee Donald Trump’s running mate, Sen. …

US Child Tax Credit 2024: Who is eligible for the benefit?
1 year, 1 month ago

US Child Tax Credit 2024: Who is eligible for the benefit?

Hindustan Times  

The House introduced expansions to the Child Tax Credit 2024 scheme by passing a bill last week. What does the Child Tax Credit 2024 expansion mean? The child should not file a joint return with their partner for the tax year OR file it only to claim a refund of withheld income tax/ estimated tax paid. Lower-income families will Tax …

House Passes Bipartisan Tax Bill Benefiting Parents And Corporations
1 year, 1 month ago

House Passes Bipartisan Tax Bill Benefiting Parents And Corporations

Huff Post  

LOADING ERROR LOADING WASHINGTON — The House of Representatives on Wednesday approved a bipartisan bill expanding the child tax credit, as well as business deductions long sought by corporate America. Wyden told HuffPost earlier on Wednesday that if the House passed the bill by a wide bipartisan margin, Senate Republicans would feel pressure to let it through the upper chamber. …

House passes bill to enhance child tax credit, revive key tax breaks for businesses
1 year, 1 month ago

House passes bill to enhance child tax credit, revive key tax breaks for businesses

Associated Press  

WASHINGTON — The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax cut package that would enhance the child tax credit for millions of lower-income families and boost three tax breaks for businesses, a combination that gives lawmakers on both sides of the political aisle coveted policy wins. He spent part of the …

Tax season is under way. Here are some tips to navigate it
1 year, 1 month ago

Tax season is under way. Here are some tips to navigate it

Associated Press  

NEW YORK — Tax season began Monday and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year …

Congress Hunts The Rarest Beast: Bipartisan Election-Year Deals
1 year, 2 months ago

Congress Hunts The Rarest Beast: Bipartisan Election-Year Deals

Huff Post  

LOADING ERROR LOADING WASHINGTON ― Congress is striving to accomplish what rarely gets done in an election year: three separate bipartisan agreements on taxes, spending and immigration policy. He said the House has a duty to "seek bipartisan compromises on tough, tough issues.” Drew Angerer/Getty Images In response to a surge of migrants at the southern border, Republicans have proposed …

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses
1 year, 2 months ago

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses

LA Times  

The chairmen of the top tax policy committees in Congress announced a bipartisan agreement Tuesday to enhance the child tax credit and revive a variety of tax breaks for businesses, a combination designed to attract support from lawmakers of both political parties. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 …

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses
1 year, 2 months ago

Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses

Associated Press  

WASHINGTON — The chairmen of the top tax policy committees in Congress announced a bipartisan agreement Tuesday to enhance the child tax credit and revive a variety of tax breaks for businesses, a combination designed to attract support from lawmakers of both political parties. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax …

Child tax credit: Lawmakers unveil longshot deal to boost credit and restore business tax breaks
1 year, 2 months ago

Child tax credit: Lawmakers unveil longshot deal to boost credit and restore business tax breaks

CNN  

A bipartisan group of lawmakers released a roughly $78 billion tax package Tuesday that would enhance the child tax credit and restore several business tax breaks, as well as boost funding for affordable housing and disaster relief. Some congressional Democrats and progressive groups have been pushing hard to restore at least part of the expanded child tax credit that greatly …

To tackle poverty, more states will offer bigger child tax credits in 2024
1 year, 2 months ago

To tackle poverty, more states will offer bigger child tax credits in 2024

NPR  

To tackle poverty, more states will offer bigger child tax credits in 2024 Enlarge this image toggle caption Steve LeBlanc/AP Steve LeBlanc/AP Many Americans took a double whammy to the pocketbook this year: Prices for things like food and rent rose, and federal pandemic aid continued to peter out. "While the state-specific child tax credits are smaller than what we've …

You’re not getting child tax credit checks anymore. Here’s why
2 years, 2 months ago

You’re not getting child tax credit checks anymore. Here’s why

LA Times  

Christina Darling plays with her sons Kayden, 10, left, and Brennan, 4, at home in Nashua, N.H., in 2021. Darling and her family had qualified for the expanded child tax credit, part of President Biden’s $1.9-trillion coronavirus relief package. “It didn’t have enough time to just root in the way you need it to,” said DeLauro, who advocated for an …

Hopes fade for year-end tax deal in congress to aid companies, children
2 years, 3 months ago

Hopes fade for year-end tax deal in congress to aid companies, children

Live Mint  

Lawmakers are struggling to reach bipartisan agreement on a year-end tax deal, and businesses and antipoverty advocates both look unlikely to get what they want. Republicans and many companies want to reverse, prevent or delay some tax increases on businesses that were scheduled in a GOP-backed 2017 tax law and that began taking effect this year. For families, the child …

Column: The Child Tax Credit is our greatest antipoverty program. Why is Congress letting it wither?
2 years, 3 months ago

Column: The Child Tax Credit is our greatest antipoverty program. Why is Congress letting it wither?

LA Times  

Sen. Joe Manchin III wants to limit the Child Tax Credit by imposing work requirements, even though his state is one of the most poverty-bound in the nation. Here are some documented truths about the federal Child Tax Credit: — The enhanced credit, enacted in March 2021 as part of the American Rescue Plan, the government’s pandemic relief package, reduced …

Editorial: Congress can help struggling families by reviving the expanded child tax credit
2 years, 3 months ago

Editorial: Congress can help struggling families by reviving the expanded child tax credit

LA Times  

For a brief, six-month period last year, something life-changing happened for tens of millions of American families: They started receiving automatic monthly payments of as much as $300 per child to use for whatever they needed. But Congress allowed the payments to expire in January, ending an expanded child tax credit that slashed child poverty and could have been a …

Study: Child poverty rising after tax credit expires
3 years ago

Study: Child poverty rising after tax credit expires

Associated Press  

WASHINGTON — The number of children in America living in poverty jumped dramatically after just one month without the expanded child tax credit payments, according to a new study. As part of Biden’s $1.9 trillion COVID-19 rescue package last year, the existing child tax credit program was massively reshaped, boosting the amount of the payments, greatly expanding the pool of …

Child Poverty Spiked After Tax Credit Expired, Early Research Suggests
3 years, 1 month ago

Child Poverty Spiked After Tax Credit Expired, Early Research Suggests

Huff Post  

LOADING ERROR LOADING WASHINGTON – Low-income parents faced more hardship in January after Congress failed to continue the monthly child tax credit payments that slashed child poverty last year. “The monthly child poverty rate increased from 12.1% in December 2021 to 17% in January 2022, the highest rate since the end of 2020,” the Columbia researchers said in their latest …

Child tax credit: Brace for a smaller tax refund if you got monthly payments in 2021
3 years, 1 month ago

Child tax credit: Brace for a smaller tax refund if you got monthly payments in 2021

CNN  

CNN — Many parents may not be so happy when they file their tax returns this year. That’s because more than 36 million families already received half of their enhanced child tax credit in monthly payments during 2021. More complicated scenarios Some parents may find they’ll get a much smaller refund – or even have to pay back some or …

Op-Ed: One huge cost of letting the expanded child tax credit die? Harm to developing brains
3 years, 2 months ago

Op-Ed: One huge cost of letting the expanded child tax credit die? Harm to developing brains

LA Times  

Rep. Maxine Waters, left, and House Speaker Nancy Pelosi hold a news conference Aug. 12 at the Ethel Bradley Early Education Center in Los Angeles to discuss the importance of the expanded child tax credit. These payments reached 27 million children from families with taxable earnings too low to benefit from the annual tax refund provided by the previous child …

36 Million Families Face End Of Monthly Child Tax Credit Payments
3 years, 2 months ago

36 Million Families Face End Of Monthly Child Tax Credit Payments

Huff Post  

LOADING ERROR LOADING WASHINGTON – Every month since July most parents in the U.S. have received payments worth as much as $300 per child, thanks to changes Democrats made to the child tax credit. Legislation that would continue the payments is all but dead on Capitol Hill after Sen. Joe Manchin announced Sunday he wouldn’t vote for the Build Back …

Final Child Tax Credit Payments Go Out Amid Doubt Over Program’s Future
3 years, 3 months ago

Final Child Tax Credit Payments Go Out Amid Doubt Over Program’s Future

Huff Post  

LOADING ERROR LOADING WASHINGTON — The IRS this week is sending out the final child tax credit payments of 2021 as Democrats struggle to keep the program alive next year. As a main Democratic holdout in the Senate, Manchin has faced relentless questioning from reporters about his position on various elements of Build Back Better, and he lost his temper …

COVID-expanded child tax credit benefit nears lapse
3 years, 3 months ago

COVID-expanded child tax credit benefit nears lapse

Associated Press  

WASHINGTON — It’s one of the most far-reaching of all the federal aid programs launched during the COVID-19 pandemic — up to $300 per child going directly into the bank accounts of families on the 15th of every month. The swift launch, and potentially quick end, to the bolstered child tax credit highlights the risks of enacting sweeping social policy …

What’s in, and what’s out, as House nears vote on Biden bill
3 years, 4 months ago

What’s in, and what’s out, as House nears vote on Biden bill

Associated Press  

WASHINGTON — President Joe Biden’s now- $1.85 trillion plan to boost social and education programs as well as protect against global warming continues to be fine-tuned by Democrats in Congress with a new goal of completing work before Thanksgiving. TAX BREAKS — An expanded child tax credit would continue for another year. — The expanded Earned Income Tax Credit that …

What’s in, and what’s out, as House nears vote on Biden bill
3 years, 4 months ago

What’s in, and what’s out, as House nears vote on Biden bill

Associated Press  

WASHINGTON — President Joe Biden’s now- $1.85 trillion plan to boost social and education programs as well as protect against global warming continues to be fine-tuned by Democrats in Congress with a new goal of completing work before Thanksgiving. TAX BREAKS — An expanded child tax credit would continue for another year. — The expanded Earned Income Tax Credit that …

What's in, and what's out, as House nears vote on Biden bill
3 years, 4 months ago

What's in, and what's out, as House nears vote on Biden bill

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. TAX BREAKS — An expanded child tax credit would …

How Joe Biden's Big Gamble On The Child Tax Credit Could Pay Off
3 years, 4 months ago

How Joe Biden's Big Gamble On The Child Tax Credit Could Pay Off

Huff Post  

LOADING ERROR LOADING WASHINGTON ― Democrats want monthly cash benefits for parents to continue forever, but their Build Back Better bill would extend the enhanced child tax credit for just one year. But Democrats might like to talk about the need for another child tax credit extension when they’re campaigning in next year’s midterms, when they are widely expected to …

Child tax credit tussle reflects debate over work incentives
3 years, 4 months ago

Child tax credit tussle reflects debate over work incentives

Associated Press  

WASHINGTON — To supporters of the child tax credit, there has always been an “aha moment” — the recognition that as little as a few hundred dollars a month could be life-changing. Bennet and DeLauro are among the Democratic lawmakers who have pushed to make permanent an expanded child tax credit, which President Joe Biden’s coronavirus relief package transformed into …

What’s in, and what’s out, as Democrats trim Biden bill
3 years, 5 months ago

What’s in, and what’s out, as Democrats trim Biden bill

Associated Press  

WASHINGTON — After months of talks, Democrats are edging closer to an agreement on what programs and policies to include in President Joe Biden’s massive plan to expand health and safety net programs and combat global warming. But here’s where the bill stands so far, according to lawmakers and aides: — A child tax credit increase would continue for another …

Child Tax Credit Delay Affecting Thousands Of Parents
3 years, 5 months ago

Child Tax Credit Delay Affecting Thousands Of Parents

Huff Post  

LOADING ERROR LOADING The Internal Revenue Service failed to send child tax credit payments on time to 700,000 households this month, and some are still waiting for their full benefit. “With the kids going back to school I spent a little extra on school clothes.” The IRS said it resolved the glitch on Friday, which primarily affected married taxpayers who …

Joe Manchin Doubles Down On Wanting Parents To Work For Child Tax Credit
3 years, 6 months ago

Joe Manchin Doubles Down On Wanting Parents To Work For Child Tax Credit

Huff Post  

LOADING ERROR LOADING Sen. Joe Manchin has doubled down on calling for parents to work for the expanded child tax credit benefit, echoing Republican talking points and throwing a wrench into a central component of his own party’s policy agenda. “Don’t you think, if we’re going to help the children, that the people should make some effort?” Manchin’s comments echo …

Child tax credit starts hitting US families’ bank accounts
3 years, 8 months ago

Child tax credit starts hitting US families’ bank accounts

Associated Press  

WASHINGTON — The child tax credit had always been an empty gesture to millions of parents like Tamika Daniel. Daniel, a 35-year-old mother of four, didn’t even know the tax credit existed until President Joe Biden expanded it for one year as part of the $1.9 trillion coronavirus relief package that passed in March. And our country would be better …

How the expanded child tax credit payments work
3 years, 8 months ago

How the expanded child tax credit payments work

Associated Press  

The Biden administration is beginning to distribute expanded child tax credit payments, giving parents on average $423 this month, with payments continuing through the end of the year. President Joe Biden increased the size of the tax credit as part of his $1.9 trillion coronavirus relief package, as well as making it fully available to families without any tax obligations. …

Everything You Need To Know About The Child Tax Credit
3 years, 8 months ago

Everything You Need To Know About The Child Tax Credit

Huff Post  

LOADING ERROR LOADING Starting Thursday, most American families will start receiving a check for as much as $300 per child every month through the end of this year, as part of the $2 trillion American Rescue Plan’s expansion of the child tax credit that congressional Democrats passed in March. They doubled the child tax credit in their 2017 Tax Cuts …

Parents Would Keep Getting Monthly Checks Under Joe Biden's 'American Families Plan'
3 years, 10 months ago

Parents Would Keep Getting Monthly Checks Under Joe Biden's 'American Families Plan'

Huff Post  

LOADING ERROR LOADING Parents would receive monthly checks, even after this year is over, under President Joe Biden’s forthcoming multitrillion-dollar plan for American families. Economic advisers initially planned on a four-year extension of the child tax credit that would expire in 2025, The Washington Post first reported and HuffPost confirmed with two administration officials. Democrats significantly increased the child tax …

Child Tax Credit: Millions of parents could soon get up to $3,600 per child
4 years ago

Child Tax Credit: Millions of parents could soon get up to $3,600 per child

CBS News  

The $1.9 trillion American Rescue Plan, signed into law by President Joe Biden, is aimed at shoring up the pandemic-stricken economy through fiscal measures like expanded unemployment aid and direct stimulus checks. But the legislation also includes a relatively novel measure that offers a form of guaranteed income to parents of children under 18, or what one expert calls "a …

Democrats Have Passed Their COVID-19 Bill. Now Comes The Hard Part.
4 years ago

Democrats Have Passed Their COVID-19 Bill. Now Comes The Hard Part.

Huff Post  

LOADING ERROR LOADING People already like the American Rescue Plan that House Democrats pushed through final passage on Wednesday. “The people of Georgia will know that it was this team and this White House that delivered this legislation.” If it weren’t for Ossoff and fellow Georgia Democratic Sen. Raphael Warnock, who together gave Democrats control of the Senate by winning …

Child tax credit expansion sets up showdown with GOP
4 years ago

Child tax credit expansion sets up showdown with GOP

Associated Press  

WASHINGTON — The massive coronavirus relief plan making its way to President Joe Biden’s desk includes a plan to temporarily raise the child tax credit that could end up permanently changing the way the country deals with child poverty. The American Rescue Plan, expected to receive final approval this week, temporarily raises the child tax credit, now at a maximum …

Congress Could Finally Make Life Better For Parents — If It Doesn't Blow It
4 years, 1 month ago

Congress Could Finally Make Life Better For Parents — If It Doesn't Blow It

Huff Post  

Tami Burch, a 40-year-old single mother in Chanute, Kansas, was just getting by before the pandemic hit. True to his promise, his proposals for a coronavirus relief package included major new assistance for America’s parents in the form of billions for child care centers and paid parental leave. There’s even talk about universal pre-kindergarten, which is a year of free, …

Expanded child tax credit may not be as generous as it seems
7 years, 2 months ago

Expanded child tax credit may not be as generous as it seems

Associated Press  

The expansion of a child tax credit helped seal Congress’ approval of the Republican tax overhaul. Yet tax experts say the expanded child credit will actually provide little relief for some of the lowest-income families. Yet like other elements of the tax bill that go to individual families, the increased child credit — and the increase in the refundable portion …

What households need to know about the tax bill’s impact
7 years, 2 months ago

What households need to know about the tax bill’s impact

Associated Press  

Federal taxes can be confounding in any typical year. One potential way to take advantage of next year’s lower tax rate would be to defer income, if possible, from 2017 into 2018. Or freelancers or business owners could delay submitting invoices until 2018, so that the eventual payment would become part of next year’s income and be subject to a …

Highlights of GOP compromise bill to overhaul tax code
7 years, 3 months ago

Highlights of GOP compromise bill to overhaul tax code

Associated Press  

WASHINGTON — Republicans in Congress are pressing the legislative finish line on their sweeping revamp of the nation’s tax code, with a final vote in the House set for Wednesday. ___ Highlights of the legislation, which would make about $1.5 trillion in tax cuts: — Personal income tax rates: The bill retains the current number of brackets, seven, but changes …

Tax Cuts On The Fast Track – Even With Child Tax Credit Still Up In The Air
7 years, 4 months ago

Tax Cuts On The Fast Track – Even With Child Tax Credit Still Up In The Air

Huff Post  

Grover Norquist, president of Americans for Tax Reform, says the GOP tax cut package is moving quickly: “This is a much faster thing than anyone expected.” SAUL LOEB via Getty Images WASHINGTON ― The Republican tax cut package appears to be on a fast track to approval but with one key detail unresolved: how much, or even if, middle- and …

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