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Senate Majority Leader Chuck Schumer, D-N.Y., declined to say Wednesday when the tax bill would come to a vote and whether it would be amended. "I support the tax bill," Schumer told reporters.
The House voted on Wednesday evening to pass a $78 billion bipartisan tax package that would temporarily expand the child tax credit and restore a number of business tax benefits.
A single parent with two children, who earns $18,000 as a home health aide, would get a credit of $1,800 per child in the first year for each child, up $1,275 over current law.
If passed, the bill would raise the refundable portion of the Child Tax Credit to $1,800 per child in tax-year 2023, $1,900 per child in 2024 and $2,000 per child in 2025. The values would adjust ...
Currently, the child tax credit gives families a $2,000 discount on their tax bill for every child under the age of 17 in their care. Families that pay less than $2,000 in income tax get a smaller benefit, and parents who are out of the workforce get none. Harris has made expanding the tax credit central to her campaign's messaging on the economy.
A bill to expand the child tax credit will get a vote in the House as soon as this week. ... Crapo told NBC News he isn't ready to support the bill and wants changes to it, though he declined to ...
WASHINGTON — The House Ways and Means Committee voted 40-3 on Friday to approve a bipartisan tax package that includes an expansion of the child tax credit and a series of breaks for businesses ...
A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...