The US Congress has recently passed the ambitious tax package known as "The One, Big, Beautiful Bill", a proposal pushed by Republican lawmakers and backed by President Donald Trum

Currently, taxpayers who make under $200,000 annually as a single filer, or $400,000 if filing jointly, can qualify for a partially refundable credit of up to $2,000 for each child they claim as a dependent who is under age 17 and a US citizen or qualifying noncitizen.

President Trump is expected to sign the so-called "big, beautiful bill" in a ceremony on Friday at the White House to coincide with the July 4 holiday.It comes after the House approved the measure on Thursday.