J_art | Moment | Getty ImagesHouse lawmakers on Wednesday night passed a $78 billion bipartisan tax package, including a child tax credit expansion that could benefit millions of children in low-income families, according to policy experts.
If enacted, the bill would expand access to the child tax credit, or CTC, and retroactively boost the refundable portion for 2023, which could affect taxpayers this filing season.
The child poverty rate "precipitously dropped" during the 2021 child tax credit expansion, Hamilton said.
Modeling a permanent version of the 2021 child tax credit increase, the report projects higher graduation rates and future earnings for childhood child tax credit recipients.
Nikhita Airi Research analyst at the Urban-Brookings Tax Policy Center
Persons:
Chuck Marr, Marr, Steven Hamilton, Hamilton
Organizations:
Images, Center, Budget, Urban, Brookings Tax, The George Washington University, Rescue Plan, Columbia University, . Census, CTC, Urban Institute, Modeling, Airi