If President Joe Biden's 2024 budget is approved, parents could see more money issued by the government.
could decrease the deficit by nearly $3 trillion. The budget also proposes various benefits to Americans by putting more money in their pockets.
President Joe Biden released his budget proposal for 2024, and a return to the full Child Tax Credit from 2021 is included in the proposal."The Budget would also permanently reform the credit to make it fully refundable. The President also calls on the Congress to make the Earned Income Tax Credit expansion for childless workers permanent, which would help pull low-paid workers out of poverty," the White House wrote in the fact sheet.
Another benefit to the renewing the Child Tax Credit is if it resembles the 2021 version, families could see some of the money in the form of monthly payments, meaning they don't have to wait for the lump sum at tax time and can use the funds sooner.
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