A piece of good news from the $1.75T spending plan, released Thursday has outlined the expansion of the Child Tax Credit payments. The update to the framework of the bill outlines an expansion of the by 1 more year.
So other than the monthly Child Tax Credit stimulus checks, citizens eligible for the stimulus check would get their second installment of the CTC against tax returns next year.
There are indications that plans could change. There is no guarantee that the bill will be allowed through by the Republicans in its present form. Even getting g all Democrats on board would require alterations acceptable to all members of the Democratic Senate and House.
Update On The CTC Stimulus Check
The update to the Child Tax Credit has multiple implications. Even as the fifth installment of the CTC monthly stimulus check is scheduled on November 15, the penultimate check. the last of the checks go out in the middle of December. The rest of the payment will be given against the income tax returns in 2022.
President Joe Biden has wanted an indefinite extension of the Child Tax Credit stimulus check. the implications are huge. It would guarantee millions of families a captive income of a few hundred dollars to support their children. This could mean a huge extension of the support for the social safety net by the federal administration.
For the present, the expansion seems to be headed for an expansion of one year more. This benefit has already helped citizens get tens of billions of dollars from the federal administration.
The stimulus law worth $1.9T had expanded the amount of the CTC stimulus check by $1,000 to $3,000 for children aged between 6 and 17. For children below 6, the amount is higher at $3,600.
This stimulus check goes to wedded couples earning $150,000 or below, while for single parents the corresponding figure is $112,500.