Congress has a deal to expand the Child Tax Credit. Here's who would benefit.
CBSN
The federal Child Tax Credit may soon get an expansion as part of a push from some lawmakers to ensure that more U.S. families can tap the nearly three-decade old benefit.
On Tuesday, leaders of congressional tax committees announced a deal to expand the CTC and extend some business tax credits. While passage isn't guaranteed, anti-poverty advocates say the deal is an important step toward fixing some of the problems with the tax credit, which was designed to shore up families' economic security yet that has excluded many of the poorest children.
The overhaul would also come more than two years after the expiration of the expanded Child Tax Credit, which sweetened the benefit to as much as $3,600 per child and paid out half of the tax benefit via six monthly checks in 2021. That effort was credited with lifting millions of children out of poverty and supporting their parents, who typically used the extra money for preschool, clothing and other kid-related costs.
