Derek Wells
7 Sept 2023
Proposed Expansion of the Child Tax Credit for 2024
As part of the broader tax reform discussions, Congress is considering expanding the child tax credit for the 2024 tax year. This proposal aims to increase the refundable portion of the credit, providing greater financial support to families, particularly those with lower incomes.
The expansion of the child tax credit has been a priority for many lawmakers, especially in the wake of the economic challenges posed by the COVID-19 pandemic. The proposed changes are designed to help reduce child poverty and provide more substantial relief to working families. If passed, these changes could significantly alter the tax liabilities of millions of American families, making the tax system more equitable and supportive of those in need.
This proposed expansion is part of a broader legislative effort to address economic inequality and provide targeted relief to those most affected by rising living costs​.