Does this apply to your taxes?
“The legislation being unveiled Wednesday increases the child tax credit to $1,600 from its current per-child maximum of $1,000. A Tax Policy Center Center analysis of an earlier proposal, which would have increased the credit to $1,500, noted that it would mostly have benefited higher-income taxpayers.
The bill also makes wealthy families eligible for an expanded child credit, deemed a “family credit” by House Ways and Means Chairman Kevin Brady (R-Texas). While the credit currently phases out for incomes above $115,000, the Republican bill would push the threshold to $230,000.
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I figured that in - thank you. The old rule excludes ages 17 on up. Not sure if there’s any changes to that rule.
So that gives me an additional $600 per child (4 out of the 5 anyway) to offset the increase in taxable income (an additional $18+K)
Still don’t know where the brackets fall.