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Have Children? How the ‘Big, Beautiful Bill’ Could Affect You

UNITED STATES, JUL 8 – The new 1% excise tax on remittances is expected to raise about $10 billion in federal revenue and may reduce funds for Jamaican families relying on diaspora support.

  • A new child tax credit is set to increase from $2,000 to $2,200, beginning in 2026, as part of President Donald Trump's tax and spending package.
  • The changes to the child tax credit introduce requirements for parents and guardians to have a Social Security number, affecting an estimated 2.7 million potential beneficiaries.
  • An analysis indicates that 19 million children will not receive the full benefit due to new eligibility parameters, compared to 17 million under current rules.
  • The legislation will add approximately $3.3 trillion to the federal deficit over the next ten years, according to the Congressional Budget Office.
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The Hill broke the news in Washington, United States on Tuesday, July 8, 2025.
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