Learn about the enhanced child tax credit and its enormous benefits for consumers

The Tax Policy Center — a project of the Urban Institute and Brookings — has produced this informative paper on the new, expanded child tax credit, which is a part of the American Rescue Plan. The Tax Policy Center estimates that 92 percent of families with children will get an average child tax credit of 4,380 in 2021, far more than under prior law. 

This chart shows the benefits under the new law compared to prior law:

Line graph showing child tax credit for children under 5, children 6-17, children 0-16 under current law, and credit for other dependents vs adjusted gross income

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