Parents have received their Child Tax Credit 5 times in 2021 and the 6th Check will come into their bank account on the 15th of December 2021.
Parents should expect to get $300 per child under age 6; $250 for children ages 6-17. For those who received earlier ones by mail; then wait to receive the check by mail at the usual time which might delay a little than the direct payment.
Will this be the Last Monthly Pay?
This may be the last payment parents will get if lawmakers refuse to renew these benefits for another year. President Biden wants to renew it and the democrats also. But the Republicans don’t want it because they believe too much money in the economy will lead to inflation and inflation can cause another economic recession soon.
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In the House, Democratic have 50 slots of votes and the republicans have 50 slots with the Vice President’s vote as the tiebreaker. For the child tax credit to continue for 2022; the democrats need all their 50 votes complete.
Joe Manchin of West Virginia who has 1 democrat vote might have a differing opinion about the extension of the child tax credit expansion into another year because it will fuel inflation.
Benefits of the Improved Child Tax
“The July tax credit and the August tax credit essentially paid for those additional two weeks of childcare that I needed to get covered in August,” Laurson said. Heidi Laurson is a single mother, had lost her job during the pandemic, and works 2 jobs at a pay cut. Has 3 grown children.
Whitney Kimball Coe, the director of national programs at the Center for Rural Strategies said that the Child Tax Credit takes a swipe at rural poverty.
“The payments aren’t a paycheck, not a living wage, they are a bridge to hope, to a good night’s sleep, so families don’t have to choose between food and keeping the lights on. My community can’t afford to lose its bridge.”
Over 61 Million Children
The Child Tax Credit is enjoyed by parents of 61 million children in the USA. This is targeted at low or middle-income earners. It won’t be removed in tax if a single parent earns less than $95,000; and as a joint filer earning less than $170,000. This payment has helped families afford basics like food, educational expenses, and even rent.
If the legislation doesn’t approve that the improved monthly Child Tax credit should continue into 2022; then the child tax credit will return to how it was paid before. $2000 per year on each child. No monthly payment option. The parents get paid once a year on their tax returns.
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Improved Child Tax Credit Vs Pre- 2021 Child Tax Credit
Under the improved Child tax credit, parents get $3000 or $3600 which is a $1000 or $1600 increment compared to what it was before 2021. The payment started in from July as monthly pay which accumulated to $1500 or $1800. The remaining $1500 or $1800 for the first half of 2021(January to June) will be paid at once in April 2022.
Should the Build Back Better Act be approved by legislation, then the improved child credit will continue for another 1 year.
