Question

Joe Biden Earned Income Tax Credit Plan

Forum|Forum|5 years ago
January 17, 2021
1 reply
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Joe Biden said:

Biden wants to raise the maximum value of the child and dependent care tax credit to $4,000 for one child under age 13, or $8,000 for two or more kids. He wants to make it refundable, meaning low-income families could see an increase to their tax refund.

The president-elect is also calling to raise the child tax credit to $3,000 for kids 17 and younger, plus an extra $600 for children under age 6.

My question is, do you know if it will go in effect for this year which means we will see more money this year or is it for next year (2022)?

O

Opus 17

Employee

Those measures would require passing a new law and would likely take weeks if not months. It would be a nightmare to make it retroactive, but that’s up to Congress. You would have to follow the news and see what happens.