Stimulus: Americans could see up to $300 renewed Child Tax Credit Payments This Year

October 12, 2022 Nitish shaw Stimulus Check, US Local News 0

Stimulus: Americans could see up to $300 renewed Child Tax Credit Payments This Year

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.

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.

Stimulus: Americans could see up to $300 renewed Child Tax Credit Payments This Year

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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About Nitish shaw 219 Articles
An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing. “There’s the scarlet thread of murder running through the colorless skein of life, and our duty is to unravel it, and isolate it, and expose every inch of it.”- Quote this, and you will be his favorite person for at least as long as the two of you can hold up the conversation.