WASHINGTON, D.C. – Last week,Senator Jim Banks (R-Ind.) introduced the Family First Act. The bill would strengthen support for working families by expanding the Child Tax Credit to $4,200 for children under age 6 and $3,000 for all other children—covering up to six kids per family. It also creates a new $2,800 tax credit for pregnant mothers. Additionally, the bill simplifies the Earned Income Tax Credit and eliminates unfair tax breaks like the state and local tax deduction for wealthy individuals. Rep. Blake Moore (UT-01) is leading in the House.
Senator Jim Banks (R-Ind.): “Congress needs to do everything we can to help parents give their kids a shot at the American Dream. My bill cuts taxes, ends marriage penalties, and streamlines benefits to support strong, working families.”
Rep. Blake Moore (UT-01): “This year, with the expiration of provisions from the Tax Cuts and Jobs Act, we have a historic opportunity to champion pro-family policies. The Family First Act will streamline antiquated federal tax policies into an enhanced Child Tax Credit for working families and new tax credit for pregnant mothers. This fiscally responsible approach affirms the dignity of work and promotes marriage, supporting families as they build stronger and more prosperous communities for the next generation. I thank Senator Banks for introducing this bill in the Senate, and I’m hopeful we can get this important initiative across the finish line.”
This legislation has been endorsed by the American Principals Project, American Compass, Americans United for Life, CatholicVote, March for Life Action, Students for Life, and SBA Pro-Life America.
Terry Schilling, President, The American Principals Project: “American parents are working around the clock trying to do their best to provide for their children and need lasting economic relief. Expanding the Child Tax Credit is a commonsense solution that will put more hard-earned money back into the pockets of families. We are glad Senator Banks introduced the Family First Act to support our hardworking families and we look forward to helping Congress get this across the finish line.”
Oren Cass, Chief Economist, American Compass: “American families need help. Starting and raising a family has become more expensive and middle-class security harder to attain. Conservatives like Senator Banks are leading the way on understanding and highlighting this problem and developing solutions to better support working families.”
Key Provisions of the Family First Act:
- Expands the Child Tax Credit to $4,200 for children under age 6 and $3,000 for other children, for up to six children per family.
- Makes the credit fully refundable and adjusts it annually for inflation.
- Supports work, requiring families to earn at least $20,000 to receive the full credit.
- Creates a new $2,800 tax credit for pregnant mothers beginning at 20 weeks of pregnancy.
- Simplifies and expands the Earned Income Tax Credit for working families.
- Eliminates the head of household filing status to simplify the tax code
- Removes the personal exemption for dependents to streamline the tax system.
Click here for bill text.
More about the Family First Act:
Timothy Carney, Senior Fellow, American Enterprise Institute: Support for Larger Child Tax Credit Spreads to Senate GOP
The Daily Caller: Sen. Jim Banks Unveils Bill To ‘Help Parents Give Their Kids A Shot At The American Dream’
Background:
Earlier this year, Sen. Banks introduced the Respect Parents’ Childcare Choices Act to reform the Child Care and Development Block Grant (CCDBG), giving families more flexibility and ensuring childcare vouchers can be used for the caregiving option that works best for them.