April 28, 2021

Forbes: What’s in Biden’s American Families Plan?

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ARPA expanded the CTC from $2,000 per child to $3,000 per child ages 6 to 17, and $3,600 for children under 6. The plan also gives the option of receiving the credit through monthly payments starting in July, instead of having to wait to claim the entire credit on your taxes. The American Families Plan would keep these changes to the CTC through 2025. The Institute on Taxation and Economic Policy, a nonprofit, non-partisan tax policy organization, estimates families in the lowest 20% wage percentile would receive a $4,520 income boost in 2022 from the expanded CTC alone. Read more



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