The boosted Child Tax Credit expired at the end of 2021 but some families with kids are desperate to get a relief so instead of the child tax lawmakers proposed a benefit that could give families with children a thousand of dollars a year.
$393 Monthly Pay: Instead Of Child Tax Credit, Parents Could Get More Dollars Per Year
In 2021, the U.S. was still struggling with the COVID-19 pandemic and massive unemployment crisis. Fortunately, lawmakers where very quick to issue a $1,400 stimulus checks and boost a number of key tax credits.
One of those is the Child Tax Credit. This program gives value to every child in the family and they will be benefited from $2,000 per child to $3,600 for children under age 6 and $3,000 for those aged 6 to 17. The money will be sent to them every month of each year through their bank accounts. Unfortunately that boost didn’t last.
In 2022, the Child Tax Credit came back to it’s normal value time when inflation had truly started to surge.
READ ALSO: Joe Biden Needs To Take A Big Move To Social Security, And Majority Of Americans May Support It
$393 Monthly Pay: Parents Could Get Instead Of Child Tax Credit
In return many families who has children are in tough financial problem and for to rack up debt on their credit cards to stay afloat. People who represents Ilhan Omar, Rashida Tlaib, and Chuy Garcia recently announced the End Child Poverty Act. But they have this new program that families would receive a payment of of $393 per every month for one year until their child reaches 18 years old. The program will apply regardless to the family income any children who were enrolled at their both is eligible. $393 a month could probably do a lot and help a lot those families who are struggling, but it depends if the proposal will be approved or not.
READ ALSO: Tax Refund 2023: Check Here How To Track Status Easily!