The U.S. House of Representatives approved a significant amount of $80 billion to expand the Child Tax Credit to help more Americans in the country.
Expanded Child Tax Credit
The Child Tax Credit has helped millions of Americans across the country. In fact, the amount was temporarily increased from $2,000 per child under the age of six to $3,600 during the time pandemic. This time, there is a new proposal to expand the Child Tax Credit.
In a published article in MARCA, there is a new proposal to expand the Child Tax Credit from $2,000 per child to $2,100. The U.S. House of Representatives has already approved a significant amount of $80 billion to fund the federal program.
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Who Will Benefit From This Expanded Child Tax Credit?
The priority for the expanded Child Tax Credit are those who belong in the low-income families. If this will be approved, there will be an increase in beneficiaries due to some changes. Here are the things that you should know:
- Families with two kids may not benefit unless they earn less than about $40,000 per year.
- Those with three kids may not benefit unless they earn less than roughly $70,000 annually.
Furthermore, automatic payments of an amount of $250 or $300 per child are currently being received by most families.
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