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Should The Senate Raise The Income Limit For The Child Tax Credit?

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Abstract:

Legislation that the House of Representatives passed in May would extend the child tax credit to several million higher-income households. Under current law, married families with incomes up to $110,000 receive the full tax credit of $1,000 per child, and married families with two children that have incomes between $110,000 and $149,000 receive a partial tax credit (i.e., a credit of less than $1,000 per child). The House bill would expand the tax credit for families in the $110,000 to $300,000 range. (Married families would receive a full credit until their income surpassed $250,000 and a partial credit until income reached $269,000 for families with one child, $289,000 for families with two children and $309,000 for families with three children.)