If approved, a bipartisan proposal could provide a permanent tax credit for many American families. The credit currently sits at $3,000 a year for each child between six and 17, and $3,600 per year for each child aged five and under for eligible families.
The initiative, introduced this week by Democratic and Republican lawmakers, would apply to families with household incomes of less than $150,000 annually, as well as to single filers with incomes of less than $75,000.
