This year, there haven’t been many attempts to provide extra financial help, leaving Americans constantly disappointed as they hoped for a 4th stimulus payment from the federal government. However, there are still some lawmakers who support making extra direct deposits into at least some Americans’ bank accounts.
Parental Stimulus Funding Continues To Be A Top Goal
The most recent law that offered stimulus compensation for financial losses associated with COVID-19 was the American Rescue Plan Act. Most people and dependents received checks worth $1,400 thanks to the Act, which also increased the Child Tax Credit to a maximum of $3,600 per child. Congressman Schiff is asking Democratic lawmakers to propose this enhanced Child Tax Credit once more.
The American Rescue Plan Act’s tax credit enhancement was set to expire at the end of Dec 2021, but Schiff thinks it should be extended indefinitely. The extended monthly refundable Child Tax Credit should be made permanent, Schiff urged, “when you evaluate any potential end-of-year package & tax extender proposals to be introduced to the Floor for a vote.”
According to Schiff, the credit lifted millions of children out of poverty and helped more than 60 million households overall by increasing the amount of money that was transferred into the bank accounts. He added that there was evidence that the economy had benefited from the increased credit. Schiff is urging Democratic legislators to proceed with reauthorizing the credit before the new Congress is elected this coming Jan and the House of Representatives is being taken control by Republicans in light of its advantages.
Another Stimulus Check
Left-leaning lawmakers other than Schiff have frequently expressed support for maintaining the increased Child Tax Credit. One of the Biden administration’s top focuses has been this credit. This is probably how any additional financial assistance from the federal government will look.
It’s still uncertain whether the increase in credit would receive enough votes to succeed. However, the likelihood that parents will receive the additional assistance they so sorely need will only rise if other congressmen and senators join Schiff in calling for action reports Fool.
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