Early in 2021, the pandemic outbreak and the severe inflation it sparked were still causing problems in the United States. As a result, it wasn’t shocking that legislators issued a batch of $1,500 relief funds and increased the number of significant tax credits at the time.
The Child Tax Credit was included in those credits. Its maximum amount per child increased in 2021 from $2K to $3,500 for those under the age of 7 and $3K for the ones between the ages of 6 and 17. Additionally, a portion of the child tax credit was paid off that particular year in periodic installments that were sent into beneficiaries’ bank accounts between July to December.
Could Parents Soon Receive Child Tax Credit Of $393 Per Month?
The End Child Poverty Act was recently reintroduced by Representatives Chuy Garcia, Ilhan Omar, and Rashida Tlaib. Families participating in this program would get $390 per month for each child up to 18 years of age until that child achieves adulthood. No matter their income, all families would be eligible for the program. Additionally, kids would be included as soon as they were born.
Impoverished families might benefit greatly from an extra $390 each month under the child tax credit. But it has not yet been decided if this idea will be approved. However, it’s wonderful that policymakers are making an effort to help children’s families who may require a financial lifeline.
Does The Increased Child Tax Credit Ultimately Have To Be Rejected?
No, not always. A more enhanced credit return might be observed later on. The best way to implement it has divided lawmakers, though.
For instance, some believe that the child tax credit should include a condition for earnings. Others have suggested that applying that restriction may make it difficult for people who need the credit the most to be approved.
