February 7 2024- The House has approved the Tax Relief for American Families and Workers Act of 2024, a bill that includes an expansion of the Child Tax Credit. The bipartisan bill aims to overhaul the tax benefit for parents and extend certain business tax credits. The proposed expansion comes more than two years after the expiration of the enhanced Child Tax Credit, which increased the credit to as much as $3,600 per child from the current $2,000 per child. Advocates argue that the previous expansion, which expired, played a crucial role in lifting millions of children out of poverty during the pandemic. The bill is set to move to the Senate for consideration.
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