CV NEWS FEED // American families are currently “penalized” for having more than one child under the current US tax code, but a new bill has the potential to eliminate the current provisions and support larger families instead.
The bill is supported by Rep. Chris Smith (R-NJ). According to a press release from his office, changing the tax code will “bring greater economic relief to large families” while encouraging more Americans to work.
“Under no circumstances should large families be penalized by our tax code,” Smith said in the press release.
At a time when many are struggling to make ends meet, this legislation will help deliver critical economic relief to large American families—and those that are still growing—by ensuring the child tax credit work incentives apply equally to families across the board.
Smith has long been a supporter of pro-life and pro-family values in Congress. He has also recently put forward legislation that would impose economic sanctions on Nicaragua’s government in response to the country’s continued persecution of Catholics.
According to Smith’s press release, the bill would “enhance child tax credit by adjusting the tax credit for inflation, provide greater flexibility for taxpayers to use either current-or-prior-year income to calculate the child tax credit for the next two years, and incrementally increase the refundable portion of the tax credit through 2025.”