Connect with us

Hi, what are you looking for?

Child Tax Credit

The Deadline For Renewal Of The Child Tax Credit Passes, No Payments Next Year

The federal government introduced child tax credit payments to help low-income families bear their children’s expenses. The child tax credit was due to expire at the end of December this year.  Npr reports over 35 million child tax credit beneficiaries across the US. Biden introduced the Build Back Better bill, which aimed to renew the child tax credit for 2022.

The Deadline For Renewal Of The Child Tax Credit Passes, Citizens Will Not Receive The Payments Next Year


However, the bill failed to garner support which shattered the hopes of the citizens. The conclusion of the monetary benefits will badly affect the families as they will now have to cover the additional expenses of the child’s education.

The Remaining Half Of Current Payments Is Due By April 2022

The government announced $250-$300 per child for eligible families under the child tax credit payments. The beneficiaries have received the first half of the payments in six monthly installments. The remaining payments are due in April 2022, when the citizens file their tax returns for 2021. The government announced $3,000-$3,600 to the eligible families under the child tax credit program.

Data from the reports suggest that the introduction of the child tax credit boosted the financial and educational scenario across the US. The children from low-income backgrounds were able to receive food and education. The continuation of the child tax credit payments would have decreased child poverty and hunger significantly. Low-income families are likely to suffer a lot after the payments arrive at an end.

The Child Tax Credit Helped Poor Families

Npr reports that malnourished children need additional monetary benefits to lead an everyday life, and the cessation of the child tax credit benefits doesn’t help their cause. The monthly payments enabled the families to save for the future and provide a decent life for the children. The Census Bureau reports that over 21 million individuals in the US were deprived of food in early December. Npr quoted a pediatrician Dr. Megan Sandel, who said, “I have to call out that with the Build Back Better bill not being passed, that we see now families losing hope. So time is of the essence. We need to make sure that families don’t fall off the cliff, especially in this time with such high food inflation.”


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Us News

The Social Security beneficiaries are worried about the fate of payroll taxes in 2022. Several factors are involved in calculating these taxes, including wages,...

Personal Finance News

As per, more than 169 million stimulus checks were given out to approved Americans in the third round, and some are calling for...

Us News

Credit cards are convenient and yet they are not for everyone. If you are someone who misses payment deadlines, you should avoid credit cards...

Cryptocurrency News

Walmart is the latest big business house to enter the world of Cryptocurrency and NFT. The retailing giant is taking the first tentative steps...

Us News

When it comes to personal finance, the first thing that any expert will tell you is not to earn more, but to save more....

Us News

The US families have received half of the child tax credit payments in 2021; IRS will issue the remaining payments while the parents file...