American Family Act

The American Family Act, also known as Bill 118 hr 3899, is a piece of legislation introduced in the US Congress with the goal of providing financial support to families with children. The bill proposes to expand the Child Tax Credit, which is currently a tax credit that provides financial assistance to families with children under the age of 17.

Under the American Family Act, the Child Tax Credit would be increased from $2,000 per child to $3,600 per child for children under the age of 6, and $3,000 per child for children between the ages of 6 and 17. The bill also proposes to make the credit fully refundable, meaning that families would receive the full amount of the credit even if they do not owe any federal income tax.

In addition to increasing the Child Tax Credit, the American Family Act also includes provisions to index the credit to inflation, ensuring that the value of the credit keeps pace with the rising cost of living. The bill also includes a provision to provide advance payments of the credit on a monthly basis, rather than as a lump sum at tax time. Overall, the American Family Act aims to provide much-needed financial support to families with children, particularly those who are struggling to make ends meet. By increasing the Child Tax Credit and making it fully refundable, the bill seeks to reduce child poverty and improve the economic security of American families.