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Clinton proposes to increase child tax credit

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Clinton proposes to increase child tax credit

Democratic presidential candidate Hillary Clinton hasproposed to increase the child tax credit.

The proposal would raise the maximum credit to $2,000 pereach child under five from $1,000 per child. The current maximum credit appliesto children under 17 years old.

The current credit is phased out once a filer's incomereaches a certain level, depending on filing status, and it is phased inbeginning at $3,000 in adjusted gross income. Clinton's proposal would beginphasing in the credit at any income level.

The campaign told TheWall Street Journal that the proposal would cost $150 billion to $200billion over 10 years and would be funded by her already-proposed taxes andfees on wealthy individuals and large financial institutions. Among otherthings, Clinton has previously called for charging a "risk fee" onthe liabilities of banks with more than $50 billion in assets, a tax onhigh-frequency trading and raising the estate tax rate while lowering itsexemption.

Republican presidential candidate Donald Trump has alsoproposed further tax relief for parents. His plan involves a deduction based ona state average of child care costs relative to the child's age, among otherbenefits.