More than 30 million families to lose child tax credit checks starting this weekend

[mystery-ak]

More than 30 million families to lose child tax credit checks starting this weekend
By Aris Folley - 01/14/22 06:00 AM EST

Millions of families this weekend will stop receiving monthly child tax payments for the first time in months after Congress failed to pass an extension of the expanded credit.

As lawmakers struggle to revive talks to renew the expansion, more than 30 million families that have been receiving the monthly payments since last July will not see another round on Jan. 15.

Democrats temporarily expanded the child tax credit in early 2021 as part of a sweeping coronavirus relief package enacted under President Biden.

Under the expansion, Democrats removed work requirements for the credit, raised the maximum credit amount and allowed those eligible to access half of the credit amount through monthly payments.

Many Democrats and advocates have called for expanded credit to be made permanent, touting it as significant contributor to reducing child poverty by allowing those in the lowest income households to access the full amount, as well as a means to help provide relief to middle-income families.

more
https://thehill.com/policy/finance/589704-more-than-30-million-families-to-lose-child-tax-credit-checks-starting-this

[Wingnut]

That is a shame. /s

[bilo]

It will be interesting to see over the next quarter how this affects the labor shortage.

[Killer Clouds]

Child Poverty? WTF is that? Children don't work and don't earn an income. Child Poverty is just another BS made up phrase.

[Right_in_Virginia]

A quick refresher: Congress temporarily expanded the child tax credit for the 2021 tax year. It made the credit more generous, providing as much as $3,600 per child, up from $2,000. And because it wanted to get financial help to families quickly during the pandemic, it began paying half of the credit in advance, divided into monthly payments delivered from July through December. The aid went to families with about 61 million children, according to the Treasury Department.

https://www.nytimes.com/2022/01/07/your-money/taxes-irs.html

Any wonder no one wanted to work??

BTW, tax filing is going to be a nightmare for these folks.

[Hoodat]

This is fantastic news.

[IsailedawayfromFR]

That loss is a gain for many millions more in retaining their own money which they worked to obtain.