Child Tax Credit Proposal Gains Momentum in Congress
Among the many programs benefiting the population of the United States in 2021, the Child Tax Credit (CTC) stands out as one of the most impactful. Two years ago, households with children received monthly financial aid based on the number of children and their ages. However, when this measure came to an end, investigations revealed that many families experienced a decline in their standard of living. In response, several congressmen are now proposing a revamped CTC program that would provide $300.00 USD per month, with an additional $2,000.00 USD for newborns.
Representative Rosa DeLauro recently revealed that nearly 250 US politicians support this initiative, highlighting strong bipartisan backing for the CTC. With such widespread support, there is a high chance that the proposal will be approved as law, mirroring the success of the American Rescue Plan, which previously included the CTC.
The proposed changes to the CTC are significant. One notable transformation is the elimination of a requirement to obtain the maximum amount of the tax credit. Additionally, the new plan seeks to increase the monthly tax credit to $250.00 USD for children over the age of 6, while maintaining the current $300.00 USD monthly credit for children under 6. Furthermore, the bonus of $2,000.00 USD for families welcoming a newborn will continue.
Representative DeLauro emphasized the importance of government assistance for parents, who face the arduous task of covering household expenses while providing a healthy education for their children. Fellow legislators, including Suzan DelBene and Ritchie Torres, expressed their support for DeLauro’s proposal. They cited data indicating that the CTC implemented in 2021 helped lift over 4 million children out of poverty, benefiting a total of more than 61 million minors.
With such promising numbers and widespread political backing, it appears that the revamped Child Tax Credit may soon become a reality. The proposed changes aim to alleviate the financial burdens faced by American families and create a better future for their children.