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Tuesday, May 24, 2022

Stimulus Check Doubts Grows For The Child Tax Credit Proposal

Stimulus Check has been one of the biggest tax rebates issued by any government. These checks helped the citizens to come out of their monetary problems to a great extent. A number of programs were taken up by the federal government.

The Child Tax Credit was one such initiative. The child credit tax provided for the expenses of children up to seventeen years. Families having dependents of the mentioned age opted for the payments.

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The previous payments came early for the receivers. The stipulated date for the rollout of child tax credit money was 15th of every month. The program provided $300 to all kids under the age of 6years. Children within the age group of 6-17 years will get $250 each. 

To qualify for the stimulus check, an individual needs to earn less than $75000 annually. In the case of a couple, the qualifying amount has to be under $150000. These payments will continue till the end of the year.

IRS has sent a letter of reference, the production of which would come in handy at the time of filing taxes. The program was supposed to be extended in 2022. Unfortunately, the likelihood of the stimulus check getting the green signal is very bleak. Let us learn more about the story in detail below. 

Stimulus Check News: Joe Manchin Not Convinced For Another Check 

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Stimulus Check for Child Tax Credit will probably not be issued anytime sooner. This has happened predominantly due to the opposition from the Republicans.

The Build Back Better Plan had provisions for extending the Child Tax Credit. However, the bill was buried a long time back.

After quite a while, the Democrats have tried initiating the talks about a possible expansion of the credit. 

However, Joe Manchin is not convinced about the move. He suspects that the families might misuse the money.

He stated that parents might opt for drugs with the stimulus checks instead of utilizing them for their children.  

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