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Monday, July 4, 2022

Stimulus Check And Child Credit Payments Can Return In 2022

President Biden has supported more stimulus checks and more child tax credits for the families and has rejected the idea of adding more precautions to these payments.

Joe Biden, last week, rejected the idea of ending child tax credit payments, showing support for keeping the stimulus checks available for families across the country.

Joe Biden Wants To Extend The Stimulus Checks

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He wants to extend the child tax credit payments for 3 more years. But the Democratic Party, which is Biden’s own party, has opposed the idea because it might raise the price tag of a spending bill being debated in Congress.

The child tax credits are a part of the plan added to the American Rescue Plan,  the $1.9 trillion coronavirus relief bill, which passed in Congress last March. 

Currently, families are receiving $3,000 for children aged 6 to 17 and $3,600 for children under the age of 6. Half of the money is distributed in six monthly checks from July to December. The other half is distributed when people file their 2021 taxes.

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Sen. Joe Manchin called for 2 major changes to the bill. He wanted to make 2 distinct changes to the child tax credit requirements. He added an “established work” requirement so that the people have to prove that they are working and they must have a family income limit close to $60k.

Biden had rejected the idea proposed by Manchin and hoped to keep the stimulus checks available for most of these families.

He stated that the CTC was a tax cut for the middle class. These families would get a monthly payment of $250 for a child over the age of 6 and $300 for the children under the age of 6.

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