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Congress is considering an expansion of the federal child tax credit (CTC), a measure that could lift as many as half a million children from the poverty line.
The bipartisan proposal for the CTC expansion would increase the maximum credit per child to $2,000 from $1,600 through 2025.
While that increase is lower compared to the American Rescue Plan credit expansion that expired at the end of 2021, the new expansion would significantly improve the financial stability of roughly 19 million children who currently get a partial credit or none at all because their families’ incomes are too low, the Center on Budget and Policy Priorities (CBPP) found.
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