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Biden Gambles Temporary Child Tax Credit Will Become Permanent

April 29, 2021, 8:46 AM

President Joe Biden is gambling that a more generous child tax credit will survive an impending fiscal cliff in 2025.

Biden is proposing a temporary extension of the enhanced credit, which is expected to fully kick in starting July, over the objections of congressional Democrats who want a full extension. The expiration date coincides with the sunsetting of individual tax cuts passed by Republicans in 2017, and adds another bargaining chip to the table for that impending showdown.

Eligible families can expect their first monthly payments from the IRS in July as part of the newly expanded credit. The recent ...

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