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CNBC
23 minutes ago
- CNBC
Senate Republicans' spending bill boosts child tax credit. Who stands to benefit
Senate Republicans on Tuesday passed President Donald Trump's spending package, which includes a bigger child tax credit — but some families won't see a benefit, policy experts say. Under current law, the maximum child tax credit is $2,000, which will revert to $1,000 after 2025 without changes from Congress. Wider income eligibility limits will also sunset without an extension. If enacted, the Senate bill would permanently raise the top credit to $2,200 starting in 2025. The provision would also index this figure for inflation after 2025. By contrast, the House-approved One Big Beautiful Bill Act would increase the highest child tax credit to $2,500 from 2025 through 2028. After that, the credit's max value would fall to $2,000 and be indexed for inflation. More from Personal Finance:'Revenge saving' picks up as consumers brace for economic uncertaintyStudent loan borrowers face 'default cliff' as late payments climbHow the GOP budget bill targets immigrant finances With differences between the Senate and House provisions, it's unclear how the measure could change. The House still must approve the Senate's legislation before it arrives at Trump's desk for signature. For 2025, the child tax credit is worth up to $2,000 per qualifying child under age 17 with a valid Social Security number. After the first $2,500 of earnings, the child tax credit value is 15% of adjusted gross income, or AGI, until the tax break reaches that peak of $2,000 per child. The tax break starts to phase out once AGI exceeds $400,000 for married couples filing together or $200,000 for all other taxpayers. However, "if you have very low income, you can't access the full $2,000 credit," Elaine Maag, senior fellow in the Urban-Brookings Tax Policy Center, previously told CNBC. The reason: The child tax credit is only partially "refundable," which provides a benefit after your balance reaches $0. This feature helps the lowest earners who typically don't owe taxes. The refundable portion, known as the additional child tax credit, is worth up to $1,700 for 2025. If the Senate bill is enacted, the bigger child tax credit would primarily go to middle- and upper-income families, according to Kris Cox, director of federal tax policy with the Center on Budget and Policy Priorities' federal fiscal policy division. Currently, 17 million children do not receive the full $2,000 credit because their families don't earn enough and owe enough taxes, the organization finds. "Both bills leave behind children in families with lower incomes," Cox told CNBC. In 2024, the House passed a bipartisan bill to address this issue by boosting the refundable portion of the credit, but the legislation later failed in the Senate. The proposed higher child tax credit comes as the U.S. fertility rate hovers near historic lows, which has troubled lawmakers, including the Trump research suggests financial incentives, like a bigger child tax credit, could boost U.S. fertility. But other experts say it won't resolve the issue long-term.
CNBC
28 minutes ago
- CNBC
Josh Brown's Best Stocks in the Market: Hilton Worldwide
Josh Brown, CEO of Ritholtz Wealth Management, joins CNBC's "Halftime Report" to explain why he's adding Hilton Worldwide to his "Best Stocks in the Market."
Yahoo
37 minutes ago
- Yahoo
'I Will Never Work Again': What Retirees Who Gave Up Work Completely Say About Life Now
More retirees are staying busy — but not everyone is working. Many retirees choose to stay connected to work, even if only part-time. Whether it's substitute teaching, freelancing, or picking up a fun side gig, plenty of retirees say they enjoy having a reason to get out of the house and some extra income to go with it. But that's not the whole story. In fact, a large group of retirees have stepped away from paid work entirely — and say they have no intention of returning. "I will never work again," one Reddit user wrote on the forum r/Retirement, launching a conversation that's gained momentum among those who identify as fully retired. These retirees aren't picking up side hustles or consulting jobs. They're done — and content to be. Don't Miss: Maximize saving for your retirement and cut down on taxes: . Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Among current retirees, 71% say they are not working in any capacity, according to a CNBC survey. While some continue working by choice or necessity, a quiet but firm group is opting out completely. For some, health plays a major role. One Redditor shared that a car accident 16 months into retirement left them unable to work — but also gave them clarity. Now, their days are focused on healing, enjoying time with their spouse, and planning small trips. "That's good enough for me," they wrote. Others say they've simply done their time. After decades of high-stress work, some retirees relish doing nothing at all — and don't feel the need to explain it. "I'm the person everyone says you shouldn't be," one 71-year-old wrote. "Don't 'do' much if anything — except what I like." That includes quiet mornings, staying up all night, and ignoring most scheduled social activities. Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Contrary to the idea that work gives life purpose, many retirees say they find joy and fulfillment in everyday routines. One described retirement as "like being a kid again — except I have a car and money." Another shared how retirement gave him the chance to return to who he once was: "If my 16-year-old self showed up at the door to judge my life, I'd want him to feel like he finally got let off the leash." Many are keeping active in other ways — just not for pay. Some garden, race cars, read, or pursue hobbies. Others spend time with grandchildren or simply many current retirees have stopped working completely, younger adults may be more likely to stay engaged with work after retirement. Just 11% of future retirees say they plan to stop working entirely, according to the CNBC survey. For those unsure if they'll be ready to fully retire, continuing to work can offer both financial and emotional benefits. Experts say even part-time income can stretch retirement savings and boost Social Security payouts. But for those who can afford to stop working — and want to — the stories from fully retired Redditors offer an encouraging message: life after work doesn't have to be busy to be meaningful. Read Next: Can you guess how many retire with a $5,000,000 nest egg? . Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'I Will Never Work Again': What Retirees Who Gave Up Work Completely Say About Life Now originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
