Taxpaying American parents have been hit with a tax hike yearly since 2018 because inflation has eaten up 25% of the value of the $2,000 child tax credit, or CTC.
In response, Freshman Senator Jim Banks (R-IN) is taking up the pro-family banner in the Senate, introducing a bill to increase the CTC to $3,000 for school-aged children and $4,200 for younger kids. His bill is nearly identical to a House bill, the “Family First Act,” sponsored by Rep. Blake Moore (R-UT).
Banks hasn’t issued an announcement about the bill yet, but his office confirmed that he’s introducing it today.
Both the House and Senate bills would offset the revenue loss of increasing CTC by reducing other tax breaks. Banks would abolish the deduction for state
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