HR 463 would send families up to $350 monthly per child and nearly double a key worker tax credit

What does this do?

HR 463 expands the Earned Income Tax Credit by raising dollar amounts, broadening eligibility, and lowering the age requirement from 25 to 18. It creates a new monthly child benefit of $350 per child under 6 and $300 per child aged 6 through 17, paid automatically each month. Families earning above roughly $112,500 to $150,000 per year, depending on filing status, would receive reduced child payments.

Who does it affect?

The bill primarily affects low- and middle-income working adults, parents with children under 18, higher-income investors, and corporations. Workers in states whose own earned income credits do not fully refund unused amounts would also receive additional federal payments under the bill.

Why does it matter?

Raising capital gains tax rates on high earners and increasing certain corporate tax rates would help offset the cost of the expanded credits and new monthly payments. Workers aged 18 to 24 who currently cannot claim the federal Earned Income Tax Credit would become newly eligible under this bill.

What does it cost, and who pays?

• Higher capital gains taxes on high earners
• Increased corporate tax rates
• Funds expanded credits and child payments