Child Tax Credit 2023: Biden Urges to Restore Expansion of Tax Benefits

In Biden’s 2024 budget proposal, the U.S. President included the restoration of the Child Tax Credit 2023. Reportedly, Biden intends to bring back the tax benefits to the same level it was under the American Rescue Plan Act 2021.

In the 2024 budget proposal, the U.S. President Joe Biden has introduced the restoration of the Child Tax Credit 2023 (CTC). Based on his proposal, Biden intends to expand the CTC according to the level it was in the American Rescue Plan Act 2021. This is because the expanded CTC that year reduced the child poverty in almost half.

According to Hughes, Biden and several members of the Congress seek to continue that level of success this year. This is why the Child Tax Credit 2023 was included in the Build Back Better Act. The bill passed in the House but was unfortunately held up in the Senate. In addition, provisions to the CTC have not been included in the Inflation Reduction Act enacted last summer.

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How Biden Would Improve the Child Tax Credit 2023

According to Wilken, Biden intends to improve the Child Tax Credit 2023 by increasing the maximum amount from $2,000 per child to $3,600 per child aged 5 and below and $3,000 per child aged 6 and above. However, the increase in amount cannot be claimed by married couples whose incomes reach $150,000 and single parents who earn $112,500 or more.

Furthermore, the Child Tax Credit 2023 can be received by majority of the children that come families who earn low incomes. Nonetheless, eligible children are still required to have a Social Security Number to be able to apply.

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