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Sunday, October 17, 2021

Stimulus Check: The Fate Of CTC And Other Updates!

All of the eligible American parents received their share of the CTC stimulus checks starting this week. They were dispatched by the department of IRS. The main motive behind the move is to uplift the families from the level of poverty that they have been facing due to the coronavirus pandemic. Providing financial aid will be continued until the end of the month of December.

Stimulus Check Continuation

This is not a hidden fact that the CTC stimulus checks are different from the regular stimulus checks. These are those batches of payments that were deducted from the taxes of the parents during the time they did their filing. This is the advanced CTC. The total amount of the payment was an important part of the American Rescue Plan introduced by Joe Biden, the United States of America president. The eligible parents will only be receiving 50% of the total funds this year. The rest of the money will be paid in the spring of 2022. 

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Most lawmakers have started placing their demands for the kind of CTC stimulus checks that would go a long way in helping American families to raise their children. And the number of those lawmakers is only growing with time. However, there is a strong faction of critics who are opposing this view. According to them any addition in expenditure is unacceptable at this point in time.

The reason for this is because the rescue efforts in the wake of the coronavirus pandemic are already costly and would lead to inflation.  As for the federal government, the administration of President Joe Biden is working to extend the credits until the year 2025. The plan is to increase the taxes of those citizens who earn over 400,000 USD per annum.

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