Your family can obtain thousands of others under a new proposal for the Republican Party

some Republican lawmakers They seek an increase in child tax credit while abandoning other controversial tax advantages.

“The First Family Law”, sponsored by Senator Jim Banks, R Reddy, and MP Blake Moore, R-r-rib, will raise the credit to $ 4,200 for children under the age of 6 years and $ 3,000 for older children. Families can claim credit up to six children and will be “fully refundable”.

It is worth noting that the legislation will add credit worth $ 2800 to pregnant women, starting from 20 weeks. Credit amounts are expected to be It rises with inflation over time.

Trump House, Republican party ally, on board, while raising taxes for a superior to financing a “big and beautiful invoice”

However, the bill will also lead to the abolition of the state of the “head of the family” and the “additional exemption for the callers” and Government and local income tax deductionWhich is often used by those in high -tax cases.

Employees can deduct up to $ 10,000 of government and local taxes based on federal law for 2017. Some Republican and Democratic lawmakers support high -tax countries, while other lawmakers oppose.

“The strong countries are made of strong families. Two draft laws provide real comfort by lowering taxes, removing marriage penalties and making it easy for parents to support their children and build a better future,” Banks told Fox Business in a statement on Thursday.

Credit reduces “50 dollars per $ 1,000” if “the amended total income that has been modified for someone” exceeds $ 200,000 or $ 400,000 for joint candidates.

Congress member says that the “funny” tax policy is meaningless

For 2024, credit reaches $ 2000 per qualified child, according to the tax department.

Congress has been out of the session in the past two weeks, but talks about tax policy in the foreground Tax Discounts Law for the year 2017 Its validity will end this year if its rulings are not permanent.

Specifically, it will end the child care tax credit and the blame that helps some parents pay the day of day care, but it is only used by a small percentage of parents, according to his colleague Timothy Carney at the American Institute of Institutions. The legislation also makes changes to the acquired income tax.

The White House quietly floats the suggestion of raising taxes on the millionaire in Congress, where Republican leaders refer to the opposition

“This year, with the expiration of the provisions received from the tax cuts and jobs law, we have a historical opportunity for the tournament in support of the family,” Moore said in a statement.

“The Family Law will first simplify the old federal tax policies to taxive credit for children for working families and new tax credit for pregnant mothers. This responsible financial approach confirms the dignity of work and enhances marriage, and supporting families while building stronger and more prosperous societies for the next generation,” continued the Republic of Utah.

Get Fox Business on the Go by clicking here

The legislative proposal comes as the Trump administration The possibility floats From an incentive of $ 5,000 to have a child.

“It seems a good idea for me,” Trump told me New York Post.

Fox Business recently reported the other tax proposals offered to families, including a batch of two parties to make Adoption tax credit Recoverable again.