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Tuesday, July 5, 2022

Stimulus Check Update: New Plan Could End Payments

It has been reported that the expanded CTC stimulus check payments would be sending out $15 billion payments every single month to families. The payments that the families have been receiving are around $300 for children who are under the age of 6 years, coupled with a payment of $250 for those under the age of 17.

The payments turned into a reality on the face of the American Rescue Plan that saw itself being signed by President Joe Biden back in March. Couples who are married would also be eligible for this money if they have an annual payment of less than $150,000 for this year. The payment will also be refundable- you won’t have to work to receive it. 

New Law Could Stop Stimulus Check Payments

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But, there has been a plan in the works by another senator that could see the stimulus check payments cut off to more than 37 million children- as reported by a new analysis. The White House has already made it certain that the administration has plans of making the expanded CTC payment permanent. At this point in time, it simply finds itself included in the stimulus bill- as it slowly makes its way through Congress. 

Senator Joe Manchin of West Virginia has been moving through the ranks trying to put an income threshold for the CTC Stimulus check payment at above $60,000. Above that certain limit, most families would not be partaking in the tax credit. Also, he has reportedly wanted to include a work requirement in the tax credit- which it doesn’t have currently. In Maryland, the threshold for income would definitely take away the payments from around 840,000 children. 

Niskanen Center has gone through a new analysis which has found out that the changes could definitely spell the end for the stimulus check payments to around 37.4 million children. 

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