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Legislation that would require taxpayers to provide a Social Security number on their annual tax return to claim the refundable portion of the child tax credit would save billions of dollars at a time when policymakers are looking to reduce the deficit. Under current law (Pub. L. No. 111-312), taxpayers can reduce their federal tax liability by up to $1,000 for each qualifying child. According to IRS, an additional child tax credit is available to individuals whose tax bill is less than the amount of the child tax credit he or she is entitled to claim.
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