The Federal Child Tax Credit was increased in 2021 as an aspect of President Biden’s American Rescue Plan in response to the pandemic’s extended and difficult financial repercussions. The overall funds of up to $3,600 per year were made possible by the change, which saw qualified households get up to $300 per child below the age of 6 and up to $250 per child between the ages of 6 and seventeen.
Yet, those credits are no longer valid for the current tax year, and the credit is now limited to $2,000 per child annually. Several legislators have suggested a $393 monthly funding for each child to prevent the change.
It is known as the End Child Poverty Act and will make it accessible to all families, no matter their financial status. Rep. Jesus Garcia (D-IL), Rashida Tlaib (D-MI), and Ilhan Omar (D-MN) initiated it.
In a news release, Representative Tlaib stated that “The End Child Poverty Act would establish a universal child support plan and guarantee that each kid has the financial support that they require to fulfill their greatest capability.”
Leave a Reply