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Child Tax Credit (CTC)

Learn more about the Child Tax Credit, including the latest research and analysis of new proposals to expand it.

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2023 Tax Extenders Expiring TCJA Business Tax Provisions and Child Tax Credit Year-End Tax Deal

Tax Extenders in 2023: Three Major Business Provisions and an Expanded Child Credit?

In Congress, both parties have expressed widespread support for improving the treatment of R&D and potentially extending some or all of the major business provisions, while the White House and congressional Democrats have indicated interest in an expanded child tax credit, suggesting potential for a deal.

6 min read
2024 tax brackets IRS inflation adjustments for tax year 2024 in early 2025 tax filing season

2024 Tax Brackets

Explore the IRS inflation-adjusted 2024 tax brackets, for which taxpayers will file tax returns in early 2025.

4 min read
Details and Analysis of Making 2017 Tax Reform Permanent

Details and Analysis of Making the 2017 Tax Reforms Permanent

Lawmakers will have to weigh the economic, revenue, and distributional trade-offs of extending or making permanent the various provisions of the TCJA as they decide how to approach the upcoming expirations. A commitment to growth, opportunity, and fiscal responsibility should guide the approach.

18 min read
GOP presidential debate tax policy issues. comparing tax provisions in different versions of the House Build Back Better plan reconciliation plan (social and climate tax bill)

Tax Policy Questions That 2024 Presidential Candidates Should Address

At least eight Republican presidential hopefuls will take the stage Wednesday night in the first presidential primary debate of the 2024 election cycle—and the future of the U.S. tax code should be one topic that takes center stage.

4 min read
Distribution of major US individual income tax credits on IRS tax form 1040

Summary of the Tax Credits Claimed on the Form 1040, Tax Year 2020

In tax year 2020, taxpayers claimed more than 159 million tax credits on their individual income tax returns worth a total of more than $277 billion. That was an increase of $35.3 billion from tax year 2019, largely due to an influx of pandemic relief administered through the tax code in 2020.

6 min read
Child Tax Credit Reform Debate Continues Tax Cuts and Jobs Act TCJA Expiration and tax policy trade-offs Family Security Act Mitt Romney and Brookings Hamilton Project

Lawmakers Envision Different Paths for the Child Tax Credit

As the TCJA expiration nears, lawmakers face difficult choices in reforming the CTC. While revenue, distributional and economic effects are important, lawmakers should also focus on simplifying the rules and reducing the administrative challenges.

9 min read
Details and analysis of the economic growth and opportunity US tax reform plan includes federal flat tax, distributed profits tax, and eliminating the federal estate tax

Details and Analysis of a Tax Reform Plan for Growth and Opportunity

The federal tax code remains a major source of frustration and controversy for Americans, and a hindrance to economic growth and opportunity. Other countries, such as Estonia, have proven that sufficient tax revenue can be collected in a less frustrating and more efficient way.

41 min read
Testimony: The Fiscal State of the Union

Testimony: The Fiscal State of the Union

Federal spending, deficits, and debt are at unsustainable levels. The proposed federal budget is laden with redundant programs, obsolete programs, corporate welfare, and nationalized industries. As Congress begins to craft the FY 2024 federal budget, it needs to establish a process of systematically reviewing programs and priorities.

12 min read
Biden state of the union address 2023 tax proposals stock buybacks tax billionaire minimum tax expanded child tax credit

Tax Policy in Biden’s 2023 State of the Union Address

President Biden’s State of the Union Address outlined three tax proposals, including raising the tax on stock buybacks, imposing a billionaire minimum tax, and expanding the child tax credit.

6 min read
Tax filing Tax Season Stone's Throwe Photo

Frustration and Delays as the 2023 Tax Filing Season Begins

A combination of long-standing IRS operational deficiencies, the agency’s temporary closure due to the pandemic, and the now-expired pandemic relief produced a perfect recipe for a paper backlog.

4 min read