Republican Indiana Sen. Jim Banks introduced a bill Wednesday aimed at providing tax relief to working American families and pregnant mothers.
The bill, known as the First Family Act, increases the Child Tax Credit (CTC) to $4,200 for families with children between the ages of 0 and 5. According to Bill Text, originally obtained by the Daily Caller News Foundation, $3,000 will allow families with children between the ages of 6 and 17 to claim credits for up to six children each year. The law also establishes a new $2,800 tax credit for pregnant mothers. (Related – Exclusive: GOP officials announce bills to secure US military bases from foreign “land grabs”)
“Congress needs to do everything possible to help parents shoot their children American dreams,” Banks told DCNF. “My bill cuts taxes, ends marriage penalties and streamlines the benefits to support strong working families.”
The first act of a family also requires the family to make money At least $20,000, or at least $10,000 to receive your full CTC amount Pregnancy credits, and will Parents and each require CTC to have social Security number.
Child tax credits were temporary Expansion In response to the 2021 Covid-19 pandemic, the federal child tax credit is estimated to have raised approximately 2.9 million children out of poverty in 2021. According to To the US Census Bureau.
The bill also eliminates the person responsible for household tax returns. Generally, In Qualifications For household chief status, you must be able to claim a qualified child or a qualified relative as a dependent.
Family First Text by IREANDOWENS.DCNF
In addition to various corporate cuts And personal income tax rate, Tax reductions and employment law (TCJA) Increase in 2017 Child Tax Credit From $1,000 to $2,000, the maximum qualification income was increased from $75,000 to $200,000 for single filers and from $110,000 to $400,000 for married couples. Many of the regulations based on the TCJA are Expired End of 2025.
Furthermore, the law is excluded State and local taxes (Salt) Tax credit, Allows taxpayers specified when filing federal taxes to be deducted from certain taxes paid to state and local governments. TCJA I was imposed Limited to $10,000 per year. Applies equally to individuals and married couples.
Bank bills will also be simplified Earned Income Tax Credittax credits that support low-to-middle-income workers and families in the United States receive tax credits. This law consolidates the family portion of the EITC as different based on the number of dependents. Furthermore, the law maintains the adult-dependent element of the EITC and ensures that no family will receive a lower tax cut than the EITC in its current form.
In particular, more than 46 million taxpayers claim CTCs every year. According to In a report from the Bipartisan Policy Center in December 2023.
“This year, with tax cuts and expiration of provisions from the Employment Act, we have a historic opportunity to advocate for pro-family policies,” Republican Utah Rep. Blake Moore told DCNF. “Family First Law streamlines outdated federal tax policies to strengthen child tax credits for working families and new tax credits for pregnant mothers. This financially responsible approach affirms the dignity of work, promotes marriage, and supports families who build stronger and richer communities for the next generation.
January, Moore It was introduced The same bill as the bank in the house, The title The Family First Act is also intended to support American families working with the latest “enhanced” CTC, tax credits for parents with young children, and new tax credits for pregnant mothers.
The bank has been released Policy Document In December, we outlined the goals for the 119th meeting. This included a pledge to “fight for working families.” The Indiana Republican also wrote: I’m suffering more due to bad trade and economy Policymaking rather than American work Middle class. ”
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