The cost of refundable tax credits has grown over the past two decades

Refundable Tax Credits (Billions of $)

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Source: Internal Revenue ServiceEmbed Download image

Note: Premium tax credit includes advance payments directly to insurers, refunds to taxpayers, and repayments for excess advance payments. Other refundable tax credits include the First Time Home Buyers Credit, the Child and Dependent Care Credit, and Qualified Sick and Family Leave.