Thanks to the first deposit from the United States, many Americans discovered new funds when they woke up in their bank accounts this week. Expanding child tax creditsSimilar to previous stimulus checks, advocates have called for an extension of direct payments to Americans who are still struggling because of the COVID-19 pandemic.
The extended credit is part of the U.S. rescue plan. Each child under the age of 6 pays US$300 per month, and each child aged 6-17 pays US$250 per month, and is deposited into the parent’s bank account every month, currently until December 2021. Parents are eligible for a maximum credit of US$3,600 per child under 6 and US$3,000 per child between 6-17 years old. The second part of the credit will be issued when they submit their 2021 tax payment next year.
However, advocates believe that other measures included in the rescue plan will help reduce child poverty in half, and they are already pushing President Joe Biden to make the expansion permanent. CNBC reported. Although the Democrats currently agree that the plan should be extended and hope that the plan can be extended to 2025, there is a big label to make it a permanent function, which will be more difficult to pass Congress, which is currently evenly distributed to the Senate, and See the Democratic majority in the House of Representatives.
Shai Akbas, director of economic policy at the Bipartisan Policy Center, told CNBC that a permanent children’s tax credit would cost about $1.5 trillion in 10 years, which is an unacceptably heavy price. . With Republicans pushing to reduce government spending, it will be difficult for them and more moderate Democrats to buy it.
this is not Only economic benefits Since the pandemic, Americans have been calling for some expansion.Despite the economic rebound in recent months, many people still called for the fourth economic impact payment, and a petition called for Automatic stable payment If it meets certain economic benchmarks. These payments are the subject of an ever-growing Change.org petition, requiring every eligible person to pay $2,000 in monthly installments until the economic crisis passes.
Current government Haven’t completely ruled out this idea There will be more stimulus checks in the future, although it is not yet on the table, experts warn that not many Who is advocating For them, because there are other forms of financial assistance available. It is not clear whether the expanded child tax credit will eventually suffer a similar fate.
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