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Wednesday, August 10, 2022

Stimulus Check: A Prolonged CTC May Do More Harm Than Good

About 60 million families whose kids qualify for the child tax credit stimulus checks have received the direct payments that were distributed from this week. It was done by the department of the IRS. The maximum amount of the payments was 300 USD per month. The total amount of the first batch of the payment alone was 15 billion USD. And the total number of families who received it is 35 million. This information was confirmed by the treasury as well as the IRS departments on the 16th of July. 

Stimulus Check Effects

The CTC stimulus check was approved under the American Rescue Plan of Joe Biden, the current President of the country. It was passed the same year. The amount is 3,600 USD for those children who fall under the age group of 6 and 3,000 USD for those who are up to 17 years old. In order to qualify for the concerned payment, the income of a person must not exceed 75,000 USD. For those who are the head of the family, their income must not exceed 112,500 USD and the married couples must not earn more than 150,000 USD. 

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President Joe Biden hopes to continue providing the current CTC stimulus checks up to the year 2025. There are several lawmakers who are trying hard to make the monthly payments a long-term affair, however, this demand is met with strong opposition. According to some lawmakers, continuously providing financial aid will cost the federal government to spend another 100 billion USD per annum which will have a massive negative effect on another equally important agenda. And that is the rescue efforts related to the coronavirus pandemic. They have warned that providing the stimulus checks for a prolonged period will bring an increase in taxes.

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