The tax credit phase out begins at $200,000 for the expanded child tax credit and $400,000 for the standard tax credit.
Using the Kiplinger calculator a couple with two children over age 6 and an income of up to $477,000 will receive a portion of the credit, albeit tiny.
And yet all we hear about is raising children out of poverty. Exactly how does that work? Especially given the enhanced credits are temporary, and considering there are no restrictions on how families use the money. In other words, for millions of recipients there is no connection between children, poverty and the cash.
According to HUD, the national median family income is $79,900. Americans with income below that can use a tax credit, taxpayers earning several times that income do not need a tax credit for each child. None of those individuals are living at or near poverty.
Federal poverty guidelines in 2021, are $26,500 for a family of four. A tax credit can mean a lot to these folks.
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Only 2% of households make over $477K. If they have children will not be eligible for some part of this child tax credit.
Therefore if politicians want to fund children directly, then put the money directly into programs that are used by 98% of the children. There are no such programs other than schools and school lunches and the schools might be overfunded for the return on the dollar based on graduation rates. Also, a family of 4 can already get reduced meal prices for incomes up to $48,470 and totally free if the income is less than $34,060. I think if a family of 4 making $477K can pay their own way.
You are correct that this has nothing to do with child poverty.
If you want to help children and future families get out of poverty, build vocational schools or offer employer tax breaks for apprenticeship programs and stop pushing everybody to go to college. There are going to be a lot of self check kiosks that will need to be serviced by trained electricians and data repairmen.
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