Bipartisan CTC Framework Would Help Lowest Income Quintiles
“The current CTC offers a tax break of up to $2,000 per child, with as much as $1,600 available as a refund. The credit phases in with each dollar a taxpayer earns above $2,500 annually. Low-income families typically owe little to no income tax, limiting the CTC benefits they can receive. The new proposal would phase in the credit faster for families with more than one eligible child and raise the amount of the credit available as a tax refund.”