Last-Ditch Effort to Save Dems’ Child Tax Credit – By Yuval Rosenberg and Michael Rainey (The Fiscal Times) / Sept 9, 2022
Cheers to all of us for making it through the week. A new king made his first appearance in the UK today, the Justice Department and former president Donald Trump’s legal team tussled over the role of a “special master,” and Major League Baseball announced some new rules for next season, including a pitch clock and larger bases.
Here’s what else is going on.
Democrats Eye ‘Hail Mary’ Effort to Revive Their Child Tax Credit
The White House and some Senate Democrats are reportedly eyeing a “Hail Mary” effort to revive their enhanced child tax credit this year.
Hans Nichols of Axios reports that the White House has engaged Senate Democrats about the idea and may be willing to back renewing some expired corporate R&D tax credits in exchange for Republican support.
The background: The enhanced child tax credit was enacted by Democrats in March 2021 as part of the American Rescue Plan. It expanded eligibility for the credit and upped the amount families could get from $2,000 per child to $3,000 or $3,600, depending on the age of the child. The credit, which included automatic monthly payments, was credited with lifting millions of children out of poverty. But the credit expired at the end of 2021 in the face of opposition from Republicans and Sen. Joe Manchin (D-WV). The credit was left out of the Inflation Reduction Act that Democrats passed last month.
CONTINUE > https://www.thefiscaltimes.com/newsletter/20220909-Last-Ditch-Effort-Save-Dems-Child-Tax-Credit
