The passing of the Build Back Better Act by the House of Representatives has brought the payments to unemployed and underemployed Americans one step closer to becoming a possibility.
According to newsweek.com, the much-touted Build Back Better Act, which is being steered by Vice President Joe Biden, intends to prolong the increased Child Tax Credit, which is now paid in monthly payments, until the end of 2022.
The bill’s $2 trillion price tag, on the other hand, indicated that it would be difficult to pass in the Senate. Once the plan is implemented, eligible guardians can continue to receive monthly checks for an additional year if the plan is implemented.
Congress established the American Rescue Plan, which was judged inadequate by legislators, who boosted payments under the Child Tax Credit to $3,600 for children under the age of six and $3,000 for children between the ages of six and seventeen, respectively.
It also changed the way in which citizens obtained their credit. Instead of receiving a lump-sum payment when they filed their taxes, Americans have been receiving half of their projected credit in monthly dole-outs of $300 for each child under six and $250 for all other eligible children instead.
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Will People Continue to Receive Checks Till the End of 2022?
These payments are set to come to an end by the end of December. However, given the current state of the pandemic, there is a chance that the stimulus will be extended if the Senate passes the Build Back Better legislation.
Today, each citizen who qualifies for the credit receives half of it in monthly installments and the remaining half when he or she files their tax returns.
Citizens, on the other hand, will get the full sum in monthly installments if the Build Back Better Act is ratified by the legislature.
The latest stimulus package differs from the first three dole-outs in that it is more targeted. Stephanie Bonin, the originator of a Change.org petition demanding $2,000 in monthly payments, considers the outcome a minor triumph.
As part of the Child Tax Credit, inhabitants of the United States will receive monthly payments until the end of 2022 if President Joe Biden’s Build Back Better Act is signed into law.
Children who are dependent on their parents must be their sons or daughters, foster children or adopted children, brothers, stepsisters, or a descendant of any of the foregoing.
Additionally, the child’s guardian must have filed tax returns for 2019 or 2020 in order to receive the Child Tax Credit payments.
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Will the Build Back Better Act Expand the Scope of Government Handouts?
The Build Back Better Act not only extends the time period during which a person receives monthly payments, but also broadens the range of people who are eligible to receive monthly payments.
If their child has a social security number, parents who do not have social security numbers can take advantage of the payment.