Senate Tax Bill Makes Millionaires Eligible For Child Tax Credit
The child tax credit has been a middle-class benefit since 1997.
Republicans say tax reform will benefit middle-class families. Yet one of the key tax breaks in their proposal, an increase in the child tax credit, will mainly benefit the rich.Under the Senate’s tax bill, couples earning as much as $1 million would be newly eligible for the proposed $1,650 child tax credit. Low-income families would see little to no benefit from the increase because of the way Republican lawmakers structured the credit.The parents of 10 million children would get a tax brea...
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