Doubling Child Tax Credit and Making It Fully Refundable for Families.
This bill doubles the Child Tax Credit from $1,000 to $2,000 per child and makes the credit fully refundable. This ensures that low-income families who owe little or no federal tax can still receive the full benefit as a cash refund. These increased family benefits are financed by raising the corporate income tax rate from 21% to 28%.
Key points
The Child Tax Credit amount increases from $1,000 to $2,000 per child, boosting financial support for families.
The credit becomes fully refundable, providing direct financial support to the lowest-income families regardless of their tax liability.
The corporate income tax rate is raised from 21% to 28% to fund the increased family benefits.
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