The only payment which the Republicans and Democratic parties were in support of together. The only type of financial assistance was not only beneficial for the children but for the families as well.
The Child Tax Credit was a huge wall to end child poverty in the country. It started in 2020 and continued till 2021. The Republicans were in support of this payment. President Joe Biden expected it to continue more, however, it stopped within six months of starting. Even after so many requests it continued till 2022.
The act was initially implemented in 1997. Since then it has evolved. Back in the late 90s those who applied for this used to get $400 per child. Now it has evolved in numerous ways.
The Flow Of Child Tax Credits Begin To Decrease
The Congress failed to pass the bill for an extension for another year. The flow of child tax credits dried up since then. Previously it was sending $3000 for children aged between 6 to 17 years old. And $3600 for children under 4 years old.
In 2022 the IRS declared people with at least $200,000 of an individual yearly income. and joint filers earning$400,000 can claim these child tax credits worth $1000, per child. The lower-income families need to have an income of at least $2000 to claim the child tax credit.
This year also the White House shared their thoughts on the child tax credit. How badly they wanted it to continue. It was a stress reliever for the parents who took up two jobs to survive. As a parent, their main motto was to bring food to the table. This was the only amount along with stimulus checks which would keep them out of poverty.
