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The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).
The bipartisan proposal for the CTC expansion would increase the maximum credit per child to $2,000 from $1,600 through 2025. ... the child tax credit benefits middle- and higher-earning families ...
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 ...
3. Harris wants to scale up tax credits for families and first-time homebuyers, while Trump wants to create new tax breaks. Trump’s Tax Cuts and Jobs Act expanded the child tax credit (CTC) for ...
While it might seem challenging to find any bipartisan support for any legislation lately, one issue that appears to unite parties is the backing for the extension of the Child Tax Credit beyond 2025.
That is the smallest benefit increase since 2021 because inflation has trended downward. ... The maximum taxable earnings limit is $168,600 in 2024, but that figure will rise to $176,100 in 2025 ...
The Social Security Administration will not announce the official 2025 COLA until October, but The Senior Citizens League expects benefits to increase 2.6% next year. The chart below illustrates ...
The contribution limit for health FSAs will increase by $100, from $3,200 in 2024 to $3,300 in 2025. You’ll be allowed to carry over up to $640 of unused funds to the following year if your plan ...