Biden Proposes Expanded Child Tax Credit
Monthly Payments Providing Quick Relief
According to MLive, President Biden wants to bring back a bigger child tax credit. It would be $3,600 for younger kids and $3,000 for older ones. Families would get this child tax credit money every month either $300 or $250 per child. Biden pushed child tax credit aiming to help families quickly not just once a year at tax time.
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Biden’s Child Tax Credit Revival
The Treasury Department says the expanded child tax credit helped in 2021 cutting child poverty by almost half. But the monthly payments ended in 2021 because Congress didn’t keep them going despite Biden’s push. Biden’s plan could lift millions of kids out of poverty and help many low- and middle-income families with taxes. Even though Republicans might not like Biden’s idea there’s another plan in Congress called the Tax Relief for American Families and Workers Act. It wants to raise the maximum child tax credit amount over the years aiming to give more financial help to families and reduce poverty.