martes, junio 25, 2024

Democrats Propose $3,000+ per Child Tax Credit

Having a family the size of Cheaper by the Dozen is beginning to look more and more tempting as the Biden Administration and their allies in congress are now pushing for legislation that would establish new child credit checks. Congressman Richard Neal (D-MA), will soon be introducing an updated version of the Child Tax Credit Bill, which will now provide $3,600 per child under the age of 6, and $3,000 per child for children ages 7-17.

Single parents earning an income up to $75,000 a year and married couples earning up to $150,000 per year are eligible for the the new program. The 22-page bill and provision to the $1.9 trillion COVIC-19 relief package brought about by President Biden will establish monthly payments that will be made to the families based on the amount of children that they have, rather than in a lump sum. The bill will most likely carry some degree of bipartisan support, as the announcement comes just days after Senator Mitt Romney (R-UT) voiced his support for more child-based benefits to go toward American families.

The payments will be quite simple and work similar to the COVID stimulus checks that were passed last year. Each family’s tax-credit will be based off of their prior year’s income and payments will begin distribution on July 1, 2021. Qualifying families will then begin receiving monthly payments of $300 for children 6 and under and $250 from children over the age of 7. Any further questions on the specifics of the distribution plan and whether or not you qualify should be directed to the IRS hotline or to your local tax professional.

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