{"id":111898,"date":"2021-02-09T02:24:48","date_gmt":"2021-02-09T02:24:48","guid":{"rendered":"https:\/\/precoinnews.com\/?p=111898"},"modified":"2021-02-09T02:24:48","modified_gmt":"2021-02-09T02:24:48","slug":"house-democrats-detail-proposal-for-3600-child-tax-credit","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/politics\/house-democrats-detail-proposal-for-3600-child-tax-credit\/","title":{"rendered":"House Democrats detail proposal for $3,600 child tax credit"},"content":{"rendered":"
Larry Kudlow, former top economic adviser to Donald Trump, argues taxing the wealthy will ‘damage productivity’ and investment, adding real wages and jobs will fall. <\/p>\n
House Democrats on Monday unveiled their proposal to expand the Child Tax Credit as part of President Biden’s $1.9 trillion relief effort.<\/p>\n
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The proposal put forward by the House Ways and Means Committee would createe a credit on a refundable basis to as much as $3,600 for some families.<\/p>\n
Democrats are hoping to provide $300 per month to households for every child under 6, and $250 per month for children between the ages of 6 and 17, which would level out to $3,600 per year for families with children under six and $3,000 per year for families with older children aged 6 to 17.<\/p>\n
The Trump administration expanded the Child Tax Credit via the 2017 reform law to $2,000 per child. <\/p>\n
BIDEN'S STIMULUS PLAN WILL SLOW THE US ECONOMY: ART LAFFER<\/strong><\/p>\n Rep. Richard Neal, D-Mass., who is the chair of the House Ways and Means Committee, acknowledged that administration of the new credit would be a bit of a challenge for the IRS.<\/p>\n Under the proposal, Treasury Department would issue a check every month to eligible households, Neal said during a press conference earlier on Monday, as opposed to a lump sum during tax season.<\/p>\n Aside from the plan to expand the Child Tax Credit, the proposal also includes $1,400 stimulus checks for individuals making up to $75,000 and couples making up to $150,000.<\/p>\n Republicans have argued that stimulus checks should be targeted toward lower-income households, and Biden has indicated on numerous occasions that he is open to modifying the adjusted gross income thresholds.<\/p>\n CLICK HERE TO READ MORE ON FOX BUSINESS<\/strong><\/p>\n Democrats laid the groundwork last week to use budget reconciliation to pass stimulus measures without Republican support.<\/p>\n The House Ways and Means Committee intends to mark up the legislation this week, Neal said. The panel is responsible for writing around $900 billion worth of the proposal.<\/p>\n Democrats hope the broader legislation will become law in March, when expanded unemployment benefits are set to expire.<\/p>\n CLICK HERE TO GET THE FOX BUSINESS APP<\/strong><\/p>\n