Over the past few years, we have seen several lawmakers push for expanding the federal child tax credit, but with little success. Now, House Republicans have introduced a new expanded child tax credit proposal that, among other things, includes applying the credit to fetuses in the womb.
New Expanded Child Tax Credit Proposal: What Makes It Different?
Last week, Rep. Ashley Hinson (R-Iowa) introduced the Providing For Life Act that aims to expand the federal child tax credit, as well as cover parents during pregnancy. This proposal is another sign that expanding support to families is growing popular within the GOP.
“Providing for your child begins the second a woman finds out she is pregnant — from making doctor’s appointments, to stocking up on diapers, and searching for child care,” Hinson told The Post.
If approved, this new expanded child tax credit proposal would raise the credit amount from $2,000 currently to $3,500 for children aged five and under, and $4,500 for those over the age of five.
Additionally, the proposal offers benefits retroactively post-birth for the time that a child is in the womb. The benefits will be available to households with annual incomes up to $400,000 (up to $200,000 for individuals).
Also, the new proposal makes the adoption tax credit fully refundable. This means that households with no tax liability would get a check from the government. This change would mostly benefit lower-income families who adopt a child.
What Else Is In The Legislation?
Along with expanding the child tax credit, the legislation also calls for enhancing paid parental leave, as well as expanding eligibility for the Special Supplemental Nutrition Program to postpartum women.
Additionally, the legislation requires cooperation with child support for SNAP recipients. The legislation also encourages states to create rules requiring fathers to bear half the pregnancy costs.
The proposed legislation also has several ways to curb abortion, including creating a federal clearinghouse of resources by establishing a website – life.gov.
Such a measure would ensure Title X funding is available to pregnancy resource centers. These centers offer aid to women as an alternative to abortion and ensure that pregnant women on college campuses are aware of their rights and have access to non-abortion resources.
Sen. Marco Rubio (R-Fla.) introduced the Senate version of the bill in January. Rubio has long been pushing for expanding the tax credit and sees it as a logical extension of Republicans’ anti-abortion and pro-family agenda.
“This comprehensive legislation will provide real assistance for American parents and children in need. We need policies like these to show America that conservatives are pro-life across the board,” Rubio said in a statement.
It will be interesting to see Democrats’ response to this proposed legislation. Democrats have largely opposed measures to use federal funds for such programs after the Supreme Court overturned Roe v. Wade (1973) ruling, which provided federal protection for abortion.
This article originally appeared on ValueWalk
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.