A new proposal by Democratic Sens. Michael Bennet (CO) and Sherrod Brown (OH), The American Family Act of 2017, would expand the child tax credit, which currently offers up to $1,000 a year for families. The amount would increase to:
$3,000 per year, or $250 per month, per child ages 6 to 18
$3,600 per year, or $300 per month, per child ages 0 to 5
The benefits would be distributed monthly.
The value of the new credits would be indexed to inflation, unlike the current $1,000 credit, which loses value every year.
The credits would phase out for high-income individuals, just like the child tax credit today does, with phaseout beginning at $75,000 a year in income for single parents and $110,000 for married couples. For a married couple with two young kids, the credits would totally phase out if the couple makes $150,000 a year or more; for families with more kids, that figure is higher.
For middle-class families earning $40,000 to $100,000 a year, the plan would result in a huge increase in monthly income; this could help defray costs such as diapers, cribs, strollers, and new clothes.
The plan could be to cut child poverty in the United States almost in half.
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