President Biden’s proposed budget includes the restoration of the expanded Child Tax Credit, potentially providing significant relief to American families. The plan aims to increase the credit amount to $3,000 or $3,600 per child and reintroduce advanced monthly payments of up to $300 per child.
Additionally, federal lawmakers are considering further expansion efforts through the Tax Relief for American Families and Workers Act, which could increase refundable amounts per child and adjust the maximum credit based on inflation. These initiatives are expected to benefit millions of children, potentially lifting hundreds of thousands out of poverty.
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