Trump Signs Bill to Enhance Oversight of US Export Controls
The bill, the Maintaining American Superiority by Improving Export Control Transparency Act, amends the Export Control Reform Act of 2018 and requires Commerce Secretary Howard Lutnick to report annually to Congress on applications for dual-use export licenses.
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Intel in talks with large investors for equity boost at discount, CNBC reports
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Trump wants Fed's Lisa Cook out over mortgage fraud claims
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Nearly 5 Million U.S. Citizen Kids Could Lose Child Tax Credit Thanks To New SSN Rule In Tax Law
A provision to the new tax law signed by President Donald Trump recently could make millions of U.S. citizen children ineligible for the federal child tax credit — not because of their own status, but because of their parents'. The One Big Beautiful Bill Act makes several changes to the tax code, including a boost in the maximum CTC from $2,000 to $2,200 starting in 2025. However, it also includes a new requirement: to claim the credit, the taxpayer must include a valid Social Security number on their return, and for joint filers, at least one spouse must have a work-eligible SSN. Each qualifying child must also have a valid SSN. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can What the New SSN Rule Means Under previous rules, families could claim the CTC for dependent children who were U.S. citizens, even if the parents were undocumented or lacked a work-eligible SSN. Parents without an SSN could still file taxes using an Individual Taxpayer Identification Number. Now, that's changing. Under the new SSN rule, a family can only claim the child tax credit on a joint return if at least one parent has a valid SSN. And each child for whom the credit is being claimed must have an SSN. The Center for Migration Studies estimates the shift will affect more than 4.5 million children, the majority of whom are U.S. citizens. That includes almost 1 million children in California, 875,000 in Texas, and 247,000 in Florida. Trending: Kevin O'Leary Says Real Estate's Been a Smart Bet for 200 Years — Other Tax Benefits Also Restricted The new SSN requirement doesn't just affect the child tax credit — it extends to several other tax benefits as well. According to the National Immigration Law Center, these benefits will now only be available to taxpayers with a Social Security number valid for work purposes. This includes: The new $6,000 tax deduction for individuals over age 65. Exclusion of income from discharged student debt due to death or disability. A new deduction for up to $25,000 in tips received. A new deduction for up to $12,500 in overtime pay. The American Opportunity and Lifetime Learning tax credits, which help offset higher education costs for the taxpayer or a changes mean that non-citizens or those without work-eligible SSNs may no longer claim these benefits — regardless of whether they pay taxes — potentially reducing refunds and limiting access to credits that offset education, retirement, or income-related expenses. The Bottom Line While the OBBBA increases the maximum CTC to $2,200 per child and indexes it to inflation, eligibility changes could leave millions of children without the benefit — many of them U.S. citizens. For now, families affected by the SSN requirement may need to prepare for a smaller refund — or no CTC at all — starting with their 2025 tax returns. Read Next: Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Nearly 5 Million U.S. Citizen Kids Could Lose Child Tax Credit Thanks To New SSN Rule In Tax Law originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
