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01.12 - 14:21
Child tax credit may plunge to $1,000 from $3,600 per kid after 2025
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cnbc.comThe child tax credit is poised to get a significant haircut by mid-decade, even if Democrats pass the most recent version of their $1.75 trillion social and climate plan.
Starting in 2026, the value of the tax break for parents would plunge by more than two-thirds relative to current law, to $1,000 per child from a maximum $3,600, if Congress doesn't intervene.
That possibility is due to key aspects of two laws: a 2017 tax law passed by the Republican-controlled Congress, and the American Rescue Plan passed in March by the current Democratic majority.
Both laws raised the credit's value (among other changes) — but only temporarily.
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