The amount of money that 26 million American families could receive
per child in 2003 as a result of the child tax credit increase in the President's jobs and economic growth plan.
The President's economic plan builds on the success of the 2001 tax cuts. Republicans and Democrats in Congress have already enacted these cuts. The President believes the time to deliver this relief is now -- when it can do the most good for American families -- not years from now.
The President's plan would raise the child tax credit from $600 to $1,000 per child this year, instead of in 2010. That would amount to a $400 increase per child, and checks would be issued this year to help parents across the Nation.
The child tax credit provision in the President's growth plan would deliver $16 billion in total tax relief to American families this tax year alone.
92 million taxpayers--especially middle-income taxpayers--will benefit from the President's plan as rate reductions passed by Congress in 2001 are made effective immediately. Middle-income families will receive relief from accelerated reduction of the marriage penalty, a faster increase in the child tax credit, and immediate implementation of the new, wider 10 percent tax bracket.
The President has urged Congress to move quickly and act on his economic proposals to help American families, speed up economic growth and generate new jobs for American workers.