Child Tax Credit, A Guaranteed Income For Families

tax credit

The movement for further stimulus checks went in vain. The child tax credit perhaps worked on the advanced level. Americans are facing the worst type of financial crisis since 2020. First, the covid 19 pandemic ruptured the economic conditions then inflation. The inflation spiked up to 8%, making the everyday necessities unbearable.

This was the most required check. Families with kids were struggling the most, especially those who belong to the lower-income class. Keeping the roof over their head became a challenge. The Republicans also agreed with this check. Perhaps the only bill both the Democrats and the Republicans were on the same page.

Child Tax Credit To Remove Child Poverty

After issuing child tax credits among eligible and most needy families. The child poverty level decreased to 3.7 million. This also helped a lot of parents to get back on their feet. They could afford food and daily necessities. They could pay off all their debts.

They didn’t set up any type of income level to claim these tax credits. It’s for everyone and especially for people of color. They didn’t place any kind of requirements for the child tax credit. Some of the families are living from paycheck to paycheck.

This is majorly created for the lower income class who are struggling to make ends meet. The child tax credit from the federal department dried up in 2022. President Joe Biden was confident it would be likely to continue for a year at least. However, the Republicans closed it within six months. They were threatened that the economy would fall.

In Washington, 400,000 families have already started receiving $1200. The rest of the taxpayers will witness changes in their bank balances soon enough.