Boosting the Child Tax Credit for Families During Tough Economic Times
President Biden’s Initiative to Provide Financial Relief to Struggling Families
According to Fool, in 2021, when the economy was tough the US government made big changes to help families. One of these changes was to boost the Child Tax Credit led by President Biden. This Child Tax Credit boost gave families more money to help with bills and expenses when they were struggling with not having jobs or enough money. The new version of the Child Tax Credit gave families more money per child and made sure they could get it all, even if they didn’t owe any taxes.
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Restoration Efforts for Enhanced Child Tax Credit
The enhanced Child Tax Credit which provided more help to families in 2021, returned to its previous state in 2022. President Biden aims to restore this boost to aid families and reduce child poverty. While the better version of the Child Tax Credit is not yet back families with kids under 17 can still get some tax relief in 2023 up to $2,000 per child. Although a full refund isn’t guaranteed there’s a chance that rules might change to offer more assistance. Families should also explore other tax credits like the Earned Income Tax Credit and the Child and Dependent Care Credit for additional financial support during challenging times.