Tax Credit for Parents: Providing Relief and Support for Low-Income Families

📈The latest bipartisan tax plan includes an increased and expanded child tax credit to provide relief and support for low-income families.

💰Under the new plan, the maximum refundable amount for parents would increase from $1,600 per child to $1,800 by 2023 and $2,000 by 2025.

🏦The increased child tax credit aims to help parents cover essential expenses such as food, shelter, and child care costs.

📉Critics express concerns that the credit may discourage people from working as the link between work and eligibility is weakened.

🌟The child tax credit has been successful in reducing child poverty, lifting millions of children out of poverty according to data from the US Census Bureau.

How does the increased child tax credit benefit low-income families?

—The increased child tax credit provides more financial assistance to low-income families, helping them cover essential expenses such as housing, food, and child care costs.

What is the maximum refundable amount for parents under the new plan?

—The maximum refundable amount for parents would increase from $1,600 per child to $1,800 by 2023 and $2,000 by 2025.

What are the concerns raised by critics of the increased child tax credit?

—Critics argue that the increased child tax credit may discourage people from working as the link between work and eligibility for the credit is weakened.

Has the child tax credit been effective in reducing child poverty?

—Yes, according to data from the US Census Bureau, the child tax credit has lifted millions of children out of poverty.

What is the goal of the bipartisan tax plan?

—The bipartisan tax plan aims to provide relief and support for low-income families by increasing and expanding the child tax credit.

00:00The Providence Gardens project in Harris County receives funding for post-Hurricane Harvey recovery.

00:03Top tax writers in Congress propose a new bipartisan tax agreement, including an increased child tax credit.

00:10The latest tax plan aims to provide breathing room for parents by increasing the child tax credit and assisting with essential expenses.

00:31Under the new plan, the maximum refundable amount for parents would increase from $1,600 per child to $1,800 by 2023 and $2,000 by 2025.

00:46Supporters see the increased child tax credit as an opportunity to lift children out of poverty, as it has been successful in reducing child poverty in the past.

01:19Critics raise concerns that the increased child tax credit may discourage people from working as the link between work and eligibility for the credit is weakened.

01:30Lawmakers hope to pass the bipartisan tax plan to provide relief and support for low-income families and stimulate economic growth.

01:35The bipartisan tax plan also includes tax breaks for U.S. companies, creating a win-win situation for both low-income families and corporations.