men 2021 and 2022, expanded Child tax credit (CTC) gave 39 million households Unconditional cash payments, lifting millions of children out of poverty.
But just as they failed to include program renewal in the inflation-reducing law, they passed earlier this year in the United StateDemocrats couldn’t include it in the $1.7 trillion spending plan as it made its way through Congress.
Democrats and progressives fought to make the child tax credit more refundable so that more low-income families would continue to qualify for it, since they were under American Rescue PlanTemporary extension for 2021.
How Much Child Tax Credit Did Families Receive in 2021 and 2022?
the Child tax credit It was boosted by the American Rescue Plan from $2,000 to $3,000 per child for children over six years of age and from $2,000 to $3,600 for children under six. His age limit has also been changed from 16 to 17.
“Republican leaders have decided to send a piece of coal to the children of America this year,” said Michael Bennett, a Colorado senator.
“We know the most important step Congress can take to help America’s children is to support the Expanded Child Tax Credit. When Congress took action on this matter in 2021, we cut child poverty in America in half.
How Much Child Tax Credit Will Families Get in 2023?
If a married couple earns up to $150,000 or a single parent/head of household earns up to $112,500, all tax-paying families qualify for the full credit.
But now that the era of the boosted child tax credit is officially over, things will likely be back to the way they were before American Rescue Plan It went into effect, which means families will only be able to claim $2,000 per child in 2023.
“For the past few weeks, Republican leaders in Washington have refused to even discuss a deal that would benefit America’s children and businesses,” added Michael Bennett.
They were absent from the negotiating table, and the coming year will be even more difficult for America’s families as a result.
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