The first payment out of the six assigned, included in the Child Tax Credit has been dispatched to 35 million Americans. The Stimulus Check includes $250 for having children over six years of age and $300 for bearing children under the age of three. An extra $1,500 and $1,800 can be claimed for both of these groups when the taxes will be filed in 2022.
This increase in Credit is Biden’s most popular incentive since he took his oath. The credit program might halve the total child poverty statistics in the States and is being compared to larger welfare programs in just one year.
Criticisms of the Stimulus Check
Some people have criticized that the payments do not go well. The Revenue Office faces obstacles while sending money to the poorer families who failed to file their tax returns on time. It was also talked about as to how the credit for buying an electric car was larger than the tax credit to get rid of child poverty. It was also discussing the durability of the Stimulus checks.
The Stimulus Check program was started as an aid in an emergency to help the American families who were affected by the pandemic. After the end of the pandemic, the tax credit is expected to go back to its initial level of $2,000 per year. The tax credit after the pandemic ends will be non-refundable and will be of no value for the poor families who do not pay the income tax.
These things can be smoothened by allowing the Tax credit under the Stimulus Check program, to remain for an extra period. The President has approved to extend such stimulus checks till 2025 while the Treasury wishes to makes it permanent. Some have commented that the program might grow in its popularity if it were to be extended and that would demand the continuation by forcing the fiscal conservatives.