At present, for example, all families with dependent children receive child benefit, and some quite well-off ones also get extra help through the child-tax credit, which is mainly for poorer families.
Tax credits - including child tax credit and working tax credit - will be uprated by 1% for three years from April 2013, apart from the basic and 30-hour elements where the uprating will not apply until 2014.
The money has flowed through two main channels: the child-care tax credit and an increase in free nursery places.
Since the federal child-care tax credit is not refundable, it does little for those who do not earn enough to pay federal income tax.
The two tax credits in the CBO list--the EITC and the child tax credit--differ from the exclusions, deductions and differential rates in that they are available only to taxpayers with relatively low incomes.
Millions of Americans -- including more than 2 million African American families -- are better off thanks to our extension of the child care tax credit and the earned income tax credit -- (applause) -- because nobody who works hard in America should be poor in America.
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Ms. Quinn also proposed a middle-class child care tax credit, another initiative that would need Albany's backing.
Olympia Snowe, R-Maine, signed a letter saying they would not support a bill that does not include at least a partially refundable child tax credit -- something conservatives, including Thomas, opposed.
The Treasury spokeswoman said steps to boost family budgets included doubling free childcare places for two-year-olds and increasing Child Tax Credit.
It is probably no surprise that the biggest beneficiaries of the Earned Income Credit and the Child Tax Credit are low-income households.
This -- increasing the child and dependent care tax credit was something the President talked about in the campaign.
You may not itemize deductions on a form 1040-A. You may claim some credits using the form 1040-A, including the child tax credit, education credits, earned income credit, credit for child and dependent care expenses, credit for the elderly or the disabled and the American Opportunity Credit.
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It increases funding for childcare and nearly doubles the Child Care Tax Credit for millions of middle-class families.
The deal also includes some additional stimulus tax benefits, like a two-year expansion of the Earned Income Tax Credit, the additional child tax credit and a credit to help college students offset tuition costs.
This week, for example, the White House urged House Republicans to forget virtue and approve a Senate bill that extends the child tax credit to 6.5m low-income families, most of whom pay no income taxes in the first place.
The March 17th budget went further, providing a generous tax-credit, including help with child care, for low-earning parents.
Low-to-middle-income families will benefit from higher payments for children under the child tax credit.
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And recognising that as the tax credit system became more developed and more generous, we were better able to target resources on low-income households, we increased the Working Tax Credit and the Child Tax Credit as well as Child Benefit.
Universal credit - being introduced by Work and Pensions Secretary Iain Duncan Smith this year - aims to simplify the welfare system by replacing a number of existing working-age benefits, including the income-based jobseeker's allowance, income-related employment support allowance, housing benefit, working tax credit, child tax credit and income support.
The effect on GDP would be negative, just as it would for proposed expansions of the income-capped refundable Earned Income Tax Credit, and the refundable part of the child credit.
Other large tax expenditure provisions that I did not include in this experiment include the earned income tax credit, the child credit, the exclusion of employer provided and self-employed health benefits, and the present law treatment of various forms of retirement income and pension plans.
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Look, say the pundits, at the net effect of his new lower income-tax band (starting next month), the cut in the basic rate of income tax from 23% to 22%, the changes to national insurance, the abolition of the married couples' tax allowance and the mortgage-interest allowance (all starting a year from now), the new child tax credit (from 2001), etc.
Twelve million families with twenty-four million children will benefit from extensions of the Earned Income Tax Credit and the Child Tax Credit.
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Overall benefit eligibility will be capped and all claims will be means-tested, taking away the child benefit from families with higher incomes and replacing it with a child tax credit that is targeted to lower incomes.
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