GOP Child Tax Credit Bill Leaves Millions of Low- And Moderate-Income Working Families Behind By Allowing A Key Improvement in the Credit to Expire in 2017, This Bill Would Mean That 400,000 Veteran and Military Families Would Lose Part or All of Their Credit in 2018..... • Today, the House will consider the GOP child tax credit bill (H.R. 4935) which does the opposite of what is needed: it would provide permanent tax cuts to many affluent families, while letting the Child Tax Credit (CTC) disappear for many low-income working families after 2017. • Here are the three key features of this GOP child tax credit bill (more information about each of these features is below): It fails to make permanent a key improvement in the Child Tax Credit enacted in 2009 that makes more low-income working families eligible for the credit and that will expire in 2017 unless Congress acts. It indexes the current maximum credit of $1,000 per child to inflation, which benefits only those with incomes high enough to receive the maximum benefit. It extends the Child Tax Credit up the income scale – on a permanent basis – so more families with six-figure incomes will benefit.
Posted on: Fri, 25 Jul 2014 15:51:37 +0000
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