A NEW version of the child tax credit has the opportunity of being endorsed for millions of families this year.
A bunch of senators is hoping to bring back monthly payments for families.
President Joe Biden called the enhanced CTC “one of the most effective programs” America has ever seen during the White House Conference on hunger, nutrition, and health.
New Census data showed the CTC helped reduce poverty by over 40 percent.
“No more tax breaks for big corporations and the wealthy unless the #ChildTaxCredit is with it,” @SenSherrodBrown said in a recent interview. “And I will lay down in front of a bulldozer on that one.”
1 down 49 to go. Who cares what the partisan mix is. https://t.co/kTEjwvW4TF
— David Miller 🇺🇲🇺🇦 (@davidmiller) October 11, 2022
Despite the good it did, the enhanced tax credit was not renewed, and the last monthly payments went out in December.
Various lawmakers, including Senators Michael Bennet, Sherrod Brown, and Cory Booker, have called for an extension of the credit before the end of 2022.
CNBC reports that there’s more optimism around renewing the payments after the November elections as part of a year-end tax deal.
What would change
The American Rescue Plan, which was signed in March of 2021 by President Joe Biden, increased the existing child tax credit from $2,000 per child to $3,000 per child over the age of six and from $2,000 per child to $3,600 per child for children under the age of six.
The age limit was also increased from 16 to 17 years old.
To qualify for the total payments, couples needed to make less than $150,000, and single parents who file as heads of households must make under $112,500.
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