Vance wants to expand child tax credits, but it could cost the budget a whopping $2,000 — CBS
Jay Vance says it's time to expand the Child Tax Credit (CTC) in the U.S. from $2,000 to $5,000. Experts say such an innovation would cost the budget an additional $1 trillion.
However, Vance did not specify, analysts say, how exactly the increased benefit will be reimbursed - in full or in part, as it happens now. In the former case, says Mark Goldwein - an expert on the federal budget - America would need to borrow an additional $2-3 trillion.
Plus, Vance wants the benefits to apply to absolutely all American families, regardless of income. Under current rules, there are limits.
The $2,000 benefit is now available to single parents whose income doesn't exceed $200,000. For a married couple, the amount increases to $400k.
