. Does the government really need to subsidize the children of high-income parents?
It may also be that Manchin is only concerned with reducing the limits for the higher credit implemented in 2021, leaving the $2,000 credit in place for everyone else receiving it. Here, too, it will matter how much lower the limits are sent. Lowering eligibility thresholds creates an additional dynamic: High-income parents would be providing additional subsidies for low- and middle-income families with children. By contrast, with a tax rate increase, all high-income households would be helping out low- and middle-income families with children.
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