New Bill Would Increase Child Tax Credits

A recent poll by Redfield & Wilton Strategies for Newsweek reveals that 61 percent of Americans support a proposed bill to enhance child tax credits for American families. The bipartisan package, worth $79 billion, has already passed in the House of Representatives and is now being considered in the Senate. The bill, known as the Tax Relief for American Families and Workers Act of 2024, aims to gradually increase the refundable portion cap of the child tax credit and eliminate penalties for larger families.

Only 10 percent of respondents disagreed with the bill, while 20 percent had no opinion, and 10 percent admitted to not knowing enough about it. The overwhelming support suggests that many Americans favor the proposed legislation.

The poll also asked respondents if they would like the enhanced child tax credit reintroduced during the pandemic. In 2021, the Biden administration temporarily increased the child tax credit, and 54 percent of respondents agreed with the prospect of qualifying parents receiving up to $3,600 per child again.

Further analysis of the demographics shows that 31 percent of supporters of the reinstatement were Millennials, aligning with the average age of women giving birth.

During its implementation, the enhanced child tax credit benefited over 36 million families and 61 million children, with the U.S. Treasury Department reporting payments totaling over $93 billion. However, Congress did not renew this enhancement in December 2022.

The Tax Relief for American Families and Workers Act is expected to positively impact around 16 million children, including about 3 million children under three, according to the Center on Budget and Policy Priorities. Chuck Marr, the organization’s vice president of federal tax policy, highlighted that over 80 percent of these children will receive an increased credit through the proposed act. Additionally, the act can potentially elevate roughly 400,000 children out of poverty in its inaugural year.

The widespread support for the enhanced child tax credit highlights the recognition of the importance of providing financial assistance to families in need. As the bill progresses through the Senate, it remains to be seen if lawmakers will respond to the public’s call for more significant support for American families.