President Trump, perhaps spurred on by his daughter Ivanka, wants to use the tax code to provide new government assistance to families with children. During...
On Monday, the Georgia Department of Revenue (DOR) released guidance for unborn children newly eligible for the state’s existing dependent deduction. Making unborn children eligible...
The American Rescue Plan Act temporarily expanded the Child and Dependent Care Tax Credit (CDCTC) for 2021. The 6.2 million tax returns with CDCTC in 2021 claimed $2,100 each on average, compared with under $600 in prior years.
Two tax benefits—the child and dependent care tax credit (CDCTC) and the employer-provided child care exclusion—help families pay for work-related child care, but neither does...
President Obama proposed three important changes to the way the federal government helps families with child care costs – increase direct subsidies for low-income families, increase tax credits for middle- and higher income families, and simplify the tax code (and offset some of the cost of the
The child and dependent care tax credit (CDCTC) is a nonrefundable tax credit designed to help offset the expenses of providing care for children under the age of 13 or disabled dependents as long as a parent or caretaker is working or searching for work. In theory, a low-income family can qualify
In 2021, Congress enacted sweeping legislation that temporarily cut child poverty nearly in half . A key feature was the expanded child tax credit (CTC),...
During the worst of the COVID-19 pandemic in 2020 and 2021, Congress substantially increased benefits for children, including big boosts in the Child Tax Credit...
As President Biden and congressional Democrats make another push to reach a compromise on a social spending, climate change, and tax bill, a key issue...
Last month, my parents received their third round of economic impact payments through the American Rescue Plan (ARP). They decided to turn the proceeds into their own "stimulus payments" for their seven grandchildren.
The child tax credit (CTC) is an important subsidy for low- and moderate income families with children. But lawmakers and policy analysts are looking at ways to reform the credit. To help understand how each of these ideas would work, the Tax Policy Center looked at six different ways to retool the
In 2021, the American Rescue Plan (ARP) temporarily but significantly expanded the federal child tax credit (CTC), and child poverty fell from 9.7 percent to...
There are two primary tax benefits parents use to offset childcare costs. The Child and Dependent Care Tax Credit (CDCTC) provides a tax credit of up to 35 percent on up to $3,000 of expenses per child ($6,000 total), for a maximum credit of $1,050 per child ($2100 total). Or, employees can arrange
The federal income tax is packed with provisions aimed at subsidizing and encouraging work and helping families with children. While well intentioned, they complicate the...
Benefits from safety net programs such as the Supplemental Nutrition Assistance Program (SNAP, formerly food stamps) and tax programs such as the Earned Income Tax...
I asked some parents to make a choice. Their response was perhaps not what Warren hoped for, given her proposed Universal Child Care and Early Learning Act.