Dduring the White House Conference on hunger, nutrition and health, President Joe Biden refers to improving Child tax credit as one of the most successful programs in the United States. It comes after new census data shows the Child tax credit program has reduced poverty by more than 40%.
The program was not renewed despite its results, but now a group of senators, including Michael Bennett, Sherrod Brown and Cory Booker, are pushing for an extension of this credit which has not been available since last December.
The reported response appears to be to include this as part of the year-end fiscal deal after the November midterm elections.
Child tax credit included in US bailout
President Joe Biden signed in March 2021 on US rescue plan and immediately increased the existing Child Tax Credit from $1,000 to $3,000 for children over age six and from $1,600 to $3,600 for children under that age.
They were also designed to include 17-year-olds rather than just 16.
The income limit was set at $150,000 for couples filing jointly, while single parents had to be below the $112,500 threshold.
In addition, all families could claim half of their payments directly on their 2021 tax return.
And while this tax credit is welcomed, some senators like Marco Rubio and Mitt Romney have their own vision of a program like this.
For instance Senator Marco Rubio claims that the child tax credit cannot exceed the family’s payroll or income tax.
While Romney wants to cap it at a $10,000 earnings limit for those who qualify.