Many members of Congress this year were eager to make both changes. But the state and local tax deduction increase, or SALT, is dead - and the expanded child credit is stalled in the Senate.
Higher income earners could get similar breaks from a bigger SALT deduction. The future for a larger child credit is more favorable with potential savings for lower-income families.
The Biden increase could save eligible California families an average of $2,980, benefiting millions of Californian adults and children, regarded as a boost for lifting children out of poverty.
Biden's proposal would increase the child tax credit to $3,600 per child under six and $3,000 for children six to 17, providing significant financial support for qualifying families.
Collection
[
|
...
]