Sat Mar 23, 2024 11:33 pm by globalturbo
36 Million Families to Stop Receiving Monthly Child Tax Credit Payments in January
Date: January 16, 2022Author: Nwo Report
Source: NwoReport
36 million families in the U.S. will no longer receive monthly child tax credit (CTC) checks starting this month.
Democrats have sought for months to convince moderates like West Virginia Sen. Joe Manchin to support extending the expanded CTC through President Joe Biden’s Build Back Better plan. Despite the politics, millions of families will stop receiving monthly payments of up to $300 per child. Those families will have to wait until Jan. 24 to file a tax return and receive the remaining funds available to them.
The CTC was expanded for one year in 2021 by the American Rescue Plan Act to a fully-refundable $3,600 for children under 6 and $3,000 for children over 6. The program was previously expanded in 2017 from $1,000 per child to $2,000 until 2025 by the Tax Cuts and Jobs Act. Payments for families don’t just have Democratic support; along with the Republican-led 2017 expansion, Utah Sen. Mitt Romney’s 2021 proposal for a simplified child tax allowance received praise from some on both sides.
Coverage was widespread but more common on the center and left, making top headlines in outlets like The Hill (Center) and the Washington Post (Lean Left). Coverage across the spectrum noted that according to some estimates, the 2021 CTC expansion lifted millions of children out of poverty, and roughly 10 million children are at risk of falling back into poverty without an extension of the program.
https://nworeport.me/2022/01/16/36-million-families-to-stop-receiving-monthly-child-tax-credit-payments-in-january/
Thanks to: https://nworeport.me
Date: January 16, 2022Author: Nwo Report
Source: NwoReport
36 million families in the U.S. will no longer receive monthly child tax credit (CTC) checks starting this month.
Democrats have sought for months to convince moderates like West Virginia Sen. Joe Manchin to support extending the expanded CTC through President Joe Biden’s Build Back Better plan. Despite the politics, millions of families will stop receiving monthly payments of up to $300 per child. Those families will have to wait until Jan. 24 to file a tax return and receive the remaining funds available to them.
The CTC was expanded for one year in 2021 by the American Rescue Plan Act to a fully-refundable $3,600 for children under 6 and $3,000 for children over 6. The program was previously expanded in 2017 from $1,000 per child to $2,000 until 2025 by the Tax Cuts and Jobs Act. Payments for families don’t just have Democratic support; along with the Republican-led 2017 expansion, Utah Sen. Mitt Romney’s 2021 proposal for a simplified child tax allowance received praise from some on both sides.
Coverage was widespread but more common on the center and left, making top headlines in outlets like The Hill (Center) and the Washington Post (Lean Left). Coverage across the spectrum noted that according to some estimates, the 2021 CTC expansion lifted millions of children out of poverty, and roughly 10 million children are at risk of falling back into poverty without an extension of the program.
https://nworeport.me/2022/01/16/36-million-families-to-stop-receiving-monthly-child-tax-credit-payments-in-january/
Thanks to: https://nworeport.me
