Latest news with #CTC
Newsweek
15 hours ago
- Business
- Newsweek
Child Tax Credit Changes Made in Trump's Big Beautiful Bill: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Senate has passed its version of the One Big Beautiful Bill Act - with an expanded Child Tax Credit (CTC) for American families making it into the bill. The Senate approved the bill on July 1 after a marathon vote-a-rama. The bill passed by a narrow 51-50 margin, with Vice President JD Vance casting the tie-breaking vote. Why It Matters The CTC is a federal tax benefit aimed at helping families offset the cost of raising children. As of 2024, the credit provides up to $2,000 per qualifying child under the age of 17, with up to $1,600 of that amount refundable. This means eligible families can receive a portion of the credit as a refund even if they owe no federal income tax. What To Know The bill boosts the CTC from a currently credit of $2,000 up to $2,200, and would rise every year linked to inflation. However, it does not change the refundable portion of the credit, which is set at $1,600. How The Boosted CTC Will Impact American Families Under the current rules, low-income families often don't receive the full credit because the Child Tax Credit is only partially refundable. That means families must earn a minimum amount (currently $2,500 for 2024 taxes) and receive the refundable portion based on how much they earn. Essentially, the less you earn, the less of the credit you get. While the approved Senate proposal would increase the maximum credit from $2,000 to $2,200 per child, it does not change how much of that credit is refundable or how it's phased in for low-income earners. Because the $200 increase is added only to the non-refundable portion of the credit, it helps only families who already earn enough to owe taxes or qualify for the full amount under the phase-in rules. Stock image/file photo: A child's hands touching several U.S. Dollar bills. Stock image/file photo: A child's hands touching several U.S. Dollar bills. GETTY This means that families with very low earnings—such as part-time workers, minimum-wage workers, or those with unstable employment—would not benefit at all from the $200 increase because they don't earn enough to qualify for the full credit under current rules. Meanwhile, middle- and upper-income families, who already qualify for the full $2,000 credit, would automatically receive the extra $200 per child, with no additional requirements. Researchers from Columbia University's School of Social Work said in an op-ed for the Washington Post that while "raising the value of the child tax credit makes sense," 1 in 3 children would be ineligible for the extra CTC due to their family having low income. Immigration Status Under current rules, families of children with Social Security numbers are eligible regardless of the parents' status - but this is set to change if the bill becomes law. The proposed legislation restricts eligibility to parents or guardians who have valid Social Security numbers only, effectively requiring tax filers to be U.S. citizens or authorized immigrants. As a result, most non-citizen parents raising children in the U.S. would be barred from claiming the credit, even if their children are U.S. citizens. What People Are Saying The White House said in a post on X, formerly Twitter: "The One Big Beautiful Bill delivers the largest tax cut in history for middle- and working-class Americans." The Center for Budget and Policy Priorities, a left leaning think tank, said in analysis of the CTC changes: "The proposed $200-per-child increase in the credit would leave out children whose parents work important jobs for low pay, while giving higher-income families the full amount." What Happens Next The bill returns to the House of Representatives for a final vote before it can be sent to President Trump's desk for his signature.
Indian Express
2 days ago
- Indian Express
Offered vice-president post at German bank, how Pune man lost Rs 11 lakh in cyber fraud
Lured by an offer of a vice-president (V-P) post at a German bank, a 55-year-old management executive from Pune lost Rs 11 lakh to cyber criminals posing as human resources executives with the financial major. The fraudsters, who even held an online interview, took the money from the victim on the pretext of completing formalities related to the appointment, the police added. A First Information Report (FIR) in the case was registered at the Sinhagad Road police station by the victim, who works for a multinational company in Pune. According to the police, between April 21 and June 12 this year, the victim was manipulated into making 30 transactions on the pretext of processing formalities towards his appointment as the bank's V-P. The 30 transfers were made to at least five mule accounts, officials said. In the third week of April, as per the FIR, the complainant received a call inquiring about his job profile. The caller identified himself as the global HR head of a German banking major and mentioned that they were looking for a candidate for the V-P post at their India unit. The caller initially asked the victim to make two transfers to the tune of Rs 6,000 and Rs 21,000 on the pretext of initial verification and interview formalities. In the last week of April, the fraudsters held an online interview, and the complainant was subsequently told that he had been selected for the V-P position, the police said. Subsequently, more funds were allegedly sought from him on the pretext of documentation, 'job code' creation, CTC negotiation, etc. In the coming days, many more fraudulent reasons were given to seek more money, with a promise that most of it would be returned once the appointment process was complete, the police said. After a while, when the victim started asking about joining work, the phone numbers and emails used by the callers became unreachable. By the time the victim realised that he had been swindled, he had lost Rs 11.26 lakh to cyber criminals, the police said. 'We have launched a probe into the cell numbers and bank accounts used by the cyber criminals to dupe the victim,' an officer from the Sinhagad Road police station said.
Hindustan Times
2 days ago
- Hindustan Times
Panchkula mishap: Week on, woman run over by Thar succumbs to injuries
Jul 01, 2025 08:28 AM IST A 45-year-old woman succumbed to her injuries a week after she was run over by a Thar when she was on a motorcycle with her husband and 13-year-old daughter. The incident had occurred near the CTC Commando T-Point on the Ghaggar river bridge in Chandimandir. Chandimandir police have registered a case under Sections 106 (causing death by negligence), 281 (rash or negligent driving), and 324(4) (mischief causing damage to property) of the Bharatiya Nyaya Sanhita (BNS). (Getty Images/iStockphoto) Her husband, Bhag Singh, who works as a driver with the municipal corporation, the family was returning home around 1 pm on June 22 when a Punjab-registered Thar struck them. After the collision, they all fell to the ground and his wife was run over by the Thar. She was rushed to the civil hospital in Sector 6, from where she was referred to the Post Graduate Institute of Medical Education and Research, where she succumbed to her injuries on Sunday. Chandimandir police have registered a case under Sections 106 (causing death by negligence), 281 (rash or negligent driving), and 324(4) (mischief causing damage to property) of the Bharatiya Nyaya Sanhita (BNS).
Newsweek
4 days ago
- Business
- Newsweek
Rand Paul Takes Swipe at Elon Musk Over 'Big Not So Beautiful Bill'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Republican Senator Rand Paul took a swipe at Elon Musk's large family over President Donald Trump's top legislative proposal, which he is calling the "Big not so beautiful bill." Both Musk and Paul have expressed frustration with the bill as it stands, with Paul's dislike being focused on its impact on government debt. Paul posted on X: "The legislation, as currently written, would pay someone like Elon Musk $1000 per child, and we know how prolific he is . . . No offense, Elon, but Is [sic.] that a wise use of our $$?" How about this: tweak the Big not so beautiful bill so it doesn't add so much to the debt? The legislation, as currently written, would pay someone like Elon Musk $1000 per child, and we know how prolific he is . . . No offense, Elon, but Is that a wise use of our $$? — Rand Paul (@RandPaul) June 28, 2025 Paul did not expand on this post. The budget bill as it stands brings the Child Tax Credit (CTC) up to $2,200. This is not directly paying people to have children but is a tax incentive for people making under $200,000 a year. The libertarian senator from Kentucky may also have been referring to the children's savings program portion of the bill, which would give every child born in America between 2025 to 2028 $1,000 in an investment account. This is putting money directly to a child's account, not to their parents, so would not necessarily benefit Musk, who is father to at least 14 children, directly. Newsweek has contacted Paul via email for comment outside of working hours. From left, Senator Rand Paul talks with reporters in Russell building on Tuesday, June 17, 2025, Washington DC; Tesla and SpaceX CEO Elon Musk speaks at the SATELLITE Conference and Exhibition, March 9, 2020, in... From left, Senator Rand Paul talks with reporters in Russell building on Tuesday, June 17, 2025, Washington DC; Tesla and SpaceX CEO Elon Musk speaks at the SATELLITE Conference and Exhibition, March 9, 2020, in Washington DC. More Left: Tom Williams, Right: Susan Walsh, File/Left: CQ Roll Call via AP Images, Right: AP Photo Why It Matters Paul and Musk have been reposting each other's comments about the impact of the bill on national debt, so Paul's comment on X may have been an effort to highlight how the bill would add billions to the national debt, rather than an insult. The bill as it stands is not popular with American voters. According to a poll conducted by The Tarrance Group, which Paul has also shared, 58 percent of people agree with Musk's assertion that the budget is a "pork-filled spending bill that will massively increase the budget deficit and burden American citizens with crushingly unsustainable debt." The Trump administration says the bill is needed to address voter priorities. It seeks to permanently extend $3.8 trillion in expiring benefits while funding Trump's mass deportation efforts with $350 billion in national security spending. Not that we should govern by poll, but it is very clear people don't want this extreme amount of debt and reckless spending — Rand Paul (@RandPaul) June 28, 2025 What To Know Senator Rand Paul has been one of the most outspoken Republican voices against the "Big Beautiful Bill," as it stands. The bill passed a procedural vote in the Senate on June 28, with Paul and another Republican senator, Thom Tillis, voting against it. Paul has said he would be open to voting for the bill if it did not increase the debt, but it currently stands to add over $4 trillion, according to the Committee for a Responsible Federal Budget. Tax cuts in the budget bill are also expected to provide more tax benefits to the rich than the working or middle class. It will extend Trump's 2017 tax cuts that resulted in reducing taxes significantly more for the top 0.1 percent, per analysis by the Tax Policy Center, Urban Institute, and Brookings Institution. The White House says that the bill "delivers for the American worker" and will deliver a "Blue-Collar BOOM." It highlights measures such as a 15 percent tax cut for Americans earning between $30,000 and $80,000 per year, and no taxes on overtime or tips. Trump has also said that revenue generated from global tariffs will offset the reduction in tax revenue. The tax cuts in the bill as it stands are expected to add $4.6 trillion in debt, and tariffs are expected to generate up to $3.1 trillion, according to the Tax Policy Center, the Tax Foundation, and the Yale Budget Lab. Another Republican and libertarian legislator, Representative Thomas Massie, has criticized the "omnibus" nature of the bill, as it contains everything from tax credits to AI regulation in one package. Paul has agreed with this sentiment, saying on X: "Break up the bills so we can vote on individual matters, not a bunch of things at once." What People Are Saying Senator Rand Paul on X: "I've said it before, and I'll say it again: I'm willing to negotiate if the White House strips the massive $5 TRILLION, long-term debt ceiling increase and replaces it with short-term extensions tied to real spending reforms. Fiscal responsibility isn't a talking point. It's a principle." I've said it before, and I'll say it again: I'm willing to negotiate if the White House strips the massive $5 TRILLION, long-term debt ceiling increase and replaces it with short-term extensions tied to real spending reforms. Fiscal responsibility isn't a talking point. It's a… — Rand Paul (@RandPaul) June 16, 2025 Daniel Hornung, former President Joe Biden's deputy director of the National Economic Council, told The Guardian: "It's really striking that this bill is both as fiscally irresponsible as it is and regressive. People making less than $50,000 a year will actually see their incomes go down, and it's really to finance tax cuts for largely high-income people." The White House, in a June 24 statement: "President Trump's One Big Beautiful Bill lowers tax rates to keep more money in Americans' pockets—PREVENTING THE LARGEST TAX HIKE IN HISTORY." What Happens Next The budget bill just passed a procedural vote in the Senate without a single Democrat vote, or Senators Paul or Tillis. It still needs to pass another simple majority vote in the Senate, with Vice President JD Vance potentially needed as a tiebreaker. Then, it will return to the House for a final vote before it can be approved by the president.
Yahoo
4 days ago
- Business
- Yahoo
State approves $25M in funding for I Street Bridge Replacement in West Sacramento
( — The California Transportation Commission approved $25 million in construction funding for the I Street Bridge Replacement Project on Friday. It said it is advancing a critical regional effort to build a modern, multi-modal river crossing between West Sacramento and Sacramento. The funding was reportedly awarded through the Local Partnership Program, made possible by Senate Bill 1. It supports the construction of a new bridge upstream from the existing I Street Bridge. The new span will connect the growing Washington Neighborhood in West Sacramento with the Sacramento Railyards, serving autos, transit, bikes, and pedestrians. California officials capture, kill mountain lion accused of attack on camp employee 'Building a safe river crossing between the two cities is a priority,' said West Sacramento Mayor Martha Guerrero. 'Thank you to the CTC for this critical funding. We look forward to working with Sacramento to get the new bridge built as soon as possible.' The current I Street Bridge, built in 1911, is no longer adequate for modern traffic safety needs, according to CTC. Its narrow nine-foot lanes can't accommodate buses or emergency vehicles, and the sidewalks do not meet accessibility standards. CTC said the replacement project has undergone extensive community engagement and design review, resulting in a signature tied-arch bridge that will serve as an architectural landmark for the region. The project is now 95% designed and fully environmentally cleared, according to CTC. The City of Sacramento is expected to solicit construction bids in late 2025, with construction beginning mid-2026 and completion expected by 2031. CTC said the existing bridge crossing the Sacramento River will remain in use for rail, while its upper deck is planned to be converted into a pedestrian and bicycle crossing once the new bridge is complete. With this new allocation, total funding committed to the $300 million project now exceeds $275 million, including a $250 million commitment from Caltrans through the Federal Highway Bridge Program, according to CTC. Remaining funds will reportedly be provided through local sources. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
