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The Tax Relief for American Families and Workers Act of 2024 is a tax bill in the 118th United States Congress (H.R. 7024) that would amend portions of the Internal Revenue Code of 1986. The bill was approved by the House of Representatives on January 31, 2024, by a bipartisan vote 357–70. [1]
The advancement of the bill, formally known as the Tax Relief for American Families and Workers Act of 2024, was a notable win for the House Ways and Means Committee’s GOP leader, Jason Smith of ...
The Tax Relief for American Families and Workers Act of 2024 includes a trio of business deductions that could impact 33 million small businesses and an expansion of the child tax credit, which is ...
The United States federal child tax credit (CTC) is a partially-refundable [ a ] tax credit for parents with dependent children. It provided $2,000 in tax relief per qualifying child, with up to $1,400 of that refundable (subject to a refundability threshold, phase-in and phase-out [ b ]). In 2021, following the passage of the American Rescue ...
The Tax Relief for American Families and Workers Act is a pro-growth, pro-worker, pro-American bill that will help millions of families struggling in today’s economy.
Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584. For income between $19,330 and $41,765, the tax credit decreases by $0.1598 for each dollar earned over $19,330. For income over $41,765, the tax credit is zero.
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