In all the discussion of the new child tax credit, no one seems to be addressing whether the credit is refundable, or they offer vague suggestions that it may be...Here's the beef - straight from the Senate Record vote analysis:"... for a taxpayer who qualifies for the Earned Income Credit (EIC), the child credit will be computed entirely before determining any EIC eligibility (the EIC is a "refundable" credit that allows refunds to be given in excess of the amounts paid in income taxes; the original justification for creating the EIC was to reduce the burden of payroll taxes (principally Social Security); people who are eligible for the maximum EIC credit now get back all the money they have paid in income and payroll taxes put together and they get an extra sum of more than $2,500); for a taxpayer who qualifies for the EIC and who has three or more children, the child tax credit will be refundable to the extent that the application of the child tax credit and the EIC together do not exceed the total amounts paid in income and payroll taxes; for related debate, see vote Nos. 140 and 156."
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