The expanded Child Tax Credit has been a huge help to parents across the United States of America, but the continuation of this program relies on a bill getting passed through the Senate, otherwise it will come to an end on December 31.
Therefore, any families expecting to receive the payment of $250 to $300 per child on December 15 could see this be their last monthly Child Tax Credit payment.
The Democrat Senators are trying to pass their $1.75 trillion social spending bill, which would see the expanded Child Tax Credit continue in its current form for another year at least.
What's more, students could be hit in particular, as the nearly two-year moratorium when it comes to monthly federal student loan payments is also set to end on December 31, and the Federal Reserve note that these payments range between $200 and $300 on average.
Young families set to be affected
Since July 2021, the expanded Child Tax Credit has been in place and it is estimated that the amount that parents received per child increased for almost 90% of children in the USA, with the Center on Budget and Policy Priorities (CBPP) noting that it could help reduce the number of children experiencing poverty by over 40% over time.
There are some experts that warn that the end of the expanded Child Tax Credit scheme could have a negative impact when it comes to child poverty.
"If the Senate fails to move forward quickly on Build Back Better, they will pull the rug out from under millions of families who are using this monthly Child Tax Credit payment to pay for rent, for food, for school supplies, and other everyday needs," said CBPP president Sharon Parrott during a press call on Wednesday with reporters.
It is thought that US president Joe Biden has until December 28 to put pen to paper when it comes to the Build Back Better Act for the IRS to make the expanded Child Tax Credit in time for January 15.
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December 13, 2021 at 04:20PM
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Child Tax Credit December: Will this week's payment be the last one? - MARCA.com
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