Vance wants to raise the child tax credit to $5,000. Here's why that could be difficult

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The Republican vice presidential candidate, Sen. JD Vance, speaks at a campaign rally at NMC-Wollard Inc. / Wollard International in Eau Claire, Wisconsin, Aug. 7, 2024. Sen. JD Vance of Ohio, former President Donald Trump's GOP running mate, wants to more than double the child tax credit. But the increase could be difficult to enact, policy experts say. "I'd love to see a child tax credit that's $5,000 per child. But you, of course, have to work with Congress to see how possible and viable that is," he said Sunday on CBS' "Face the Nation." Vance's idea would be a "relatively large expansion" compared with the current benefit, worth up to a maximum of $2,000 per child for 2024, according to Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation. More from Personal Finance: Tim Walz vs. JD Vance: Here's what the candidates could mean for your wallet Here's how Kamala Harris' running mate Tim Walz could help shape the child tax credit The expanded child tax credit failed in the Senate. Here's what it means for families Without action from Congress, the maximum child tax credit will drop from $2,000 to $1,000 once Trump's 2017 tax cuts expire after 2025. During the pandemic, lawmakers temporarily increased the maximum child tax credit from $2,000 to either $3,000 or $3,600, depending on the child's age. Families received up to half via monthly payments for 2021. The child poverty rate fell to a historic low of 5.2% in 2021, largely due to the credit's expansion, according to a Columbia University analysis.