House Ways and Means Committee Member Rep. Tim Griffin (R-Ark.) recently said the Child Tax Credit Improvement Act was a “common sense” way to make it easier for families to prosper.
Last week, the House of Representatives approved the measure, which was introduced by Rep. Lynn Jenkins (R-Kan.). The bill would index the child tax credit to inflation, eliminate the marriage penalty and require filers to submit a Social Security number, according to a press release.
“Common sense reforms to our tax code, like the ones in this bipartisan bill, let Americans keep more of their hard-earned dollars to help families prosper, which will aid our economy and grow jobs,” Griffin said. “This bill eliminates the marriage penalty and indexes the child tax credit for inflation to ensure the credit’s benefits keep pace with the rising cost of providing for a family. It also reduces fraud by requiring a Social Security number when individuals apply for additional child tax credit benefits. I’m proud to support this bill that simplifies tax provisions to ease the financial burden on hardworking families.”
The income phase out for joint filers would be increased from $110,000 to $150,000, which would strike down the tax credit’s so-called marriage penalty. Additionally, the bill would index both the $1,000 credit and the income phase out for inflation.
Jenkins said that the lack of indexing under the current system means the tax credit is worth a little less to taxpayers each year.
“This is sensible legislation that will help hardworking families keep more of their paychecks and help pay for the rising costs of raising a family,” Jenkins said. “A vote for this bill will give Americans more freedom to save their own money, and help struggling families who are just trying to get by.”