Democratic lawmakers argue that a recent U.S. Census Bureau report illustrating a decline in child poverty shows the Child Tax Credit (CTC) enhancements that expired at the end of 2021 should be made permanent. From 2020 to 2021, the supplemental poverty measure among children fell to 5.2% from 9.7%. The drop is largely attributable to the enhanced CTC, a provision of the American Rescue Plan Act that made advance payments to eligible families. A return of an enhanced CTC may be packaged with the restoration of expiring corporate tax breaks in the Tax Cuts and Jobs Act in order to secure the necessary votes in the Senate. Republicans have also presented ideas on amending the CTC. Stay tuned. Call or visit our website for more information! www.mjscpa.com/
