February 13 2024- This week, House Ways and Means Committee Chairman Jason Smith (R-MO-08) and Senate Finance Committee Chairman Ron Wyden (D-OR) announced the framework for a bipartisan tax bill, which includes reforms to the Child Tax Credit (CTC) for the tax years 2023 through 2025. While the proposed bill is expected to have positive impacts on millions of low- and moderate-income families, there is an acknowledgment that future legislation must go further to adequately support children living in deep poverty. The announcement indicates a step towards addressing CTC reform but emphasizes the need for more comprehensive measures.
The new Child Tax Credit deal is really a safety net deal—and by that measure it is only a start
< 1 min read
