Summary: Lost in the debate over how the looming fiscal cliff might affect taxes on the rich and cuts in defense spending is a little-followed portion of the Bush tax cuts: the child tax credit. Unless Congress renews the law, the $1000 refundable tax credit is scheduled to be cut in half at year-end. The child tax credit is one of those rare Washington accomplishments: a left-right compromise. Conservatives like the credit because it reduces taxes and supports […]
