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December Child Tax Credit Payment Could Be Last

Children paint on top of a treasury check during a demonstration in front of the US Capitol on December 13, 2021.

Alex Wong | beautiful pictures

The IRS and the U.S. Treasury Department will end the last monthly child tax credit payment of the year for millions of American families on December 15.

This could be the last monthly benefit ever.

Nearly 10 million children are at risk of falling back below the poverty line or falling further into poverty, according to an analysis from the Center for Budget and Policy Priorities, according to an analysis by the Center for Budget and Policy Priorities. books, a progressive consulting organization. Another 27 million will lose all or part of its credit.

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The child tax credit has been enhanced by the US Rescue Plan, increasing the grant to $3,000 from $2,000 and an additional $600 for children under 6, fully refundable and referrals six monthly payments spanning from July to December.

“If we don’t do the right thing, we will see in our country a huge carpet being pulled from under so many families, who are currently on a bridge from stress to blessing. good,” said Sen. Cory Booker, DN.J., on Tuesday’s call with reporters.

Time

If not renewed, families will not receive their monthly payments during the difficult time of the year.

High inflation makes many everyday items such as food, rent and gasoline more expensive. It’s also a deadly winter, when many families experience the highest utility bills of the year.

“For working- and middle-class families at a time when prices are going up – gas and food prices – this is a lifesaver,” says Booker.

That life was in remission financial instability and worries for the family, has helped them put enough food on the table and even reduced rates of child poverty. It is expected that if the enhanced benefit continues, con the poverty rate will be reduced by 40%, progress will be reversed if the credit is not extended.

An upcoming deadline

Democrats want to extend the benefit by a year and have included the measure in Biden’s $1.75 trillion Rebuild Better bill.

But the time to get through the bill without interruption of monthly payments – on which many families have come to rely – is running out.

Senate Finance Chairman Ron Wyden, D-Ore, said that unless the legislation is passed December 28, the IRS will not have enough time to ensure that families receive payments by May 15. first.

If we miss this moment, it won’t come back

Representative Rosa DeLauro

Democratic Congresswoman from Connecticut

https://www.cnbc.com/2021/12/15/the-december-child-tax-credit-payment-may-be-the-last-.html December Child Tax Credit Payment Could Be Last

Emma James

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