Child Tax Credit 2023 May Be Extended As Republicans Contemplate Some Version of The Tax Break

U.S. President Biden and other Democrats have been thwarted in their attempts to re-extend the Child Tax Credit 2023. Fortunately, Republicans have recently contemplated about some version of the tax break.

The Child Tax Credit 2023 was established to help families with the expenses of raising children. The Child Tax Credit 2023 was passed in 1997 and expanded several times since 2001. Under the American Rescue Plan Act, the maximum amount for the Child Tax Credit 2023 increased from $2,000 per qualifying child to $3,600 for children younger than 6 and $3,000 for children aged between 6 to 17.

An article in GOBankingRates states that the increase in the Child Tax Credit 2023 helped millions of Americans. However, by the end of 2022, the expanded tax break ended which sent 3.7 million children into poverty. Since then, U.S. President Joe Biden and other Democrats have been thwarted in their attempts to re-extend the Child Tax Credit 2023.

READ ALSO: Up To $1,750 In Expanded Child Tax Credit 2023— See Which States Receives Them!

Republicans Contemplating the Child Tax Credit 2023

Fortunately, according to an article in Yahoo Finance, Republicans are contemplating about some version of the Child Tax Credit 2023. President of the National Taxpayers Union, Pete Sepp, stated that there is support from both parties not only for the Child Tax Credit 2023 itself but also toward its expansion. In addition, Representative Richard Neal added that the he believes the expansion of the Child Tax Credit 2023 will be accomplished by the end of the year.

READ ALSO: Impact OF 2021 Child Tax Credit Expansion On Adult Mental Health: Quasi-Experimental Research