- Legislators have just days to extend the child tax credit as families continue to grapple with the economic fallout from the pandemic.
- The bill on the extension of the child tax credit must be approved before December 28.
- On December 15, millions of Americans will receive their last monthly payment of up to $300.
U.S. lawmakers have just a few days to extend the child tax credit for next year as families continue to grapple with the economic fallout from the COVID-19 pandemic.
Will there be an extension of the child tax credit? According to the Washington Post, officials from the Internal Revenue Service (IRS) warned lawmakers that they must pass the bill by Dec. 28 for eligible families to receive a child tax credit payment on January 15, 2022.
The question everyone is asking: is an extension of the child tax credit possible?
On December 15, millions of eligible Americans will receive their last monthly payment, with a value of up to $300 per child. However, if the bill is not approved, this would be the last advance payment that parents will receive, according to The Sun.
Senator Michael Bennet of Colorado said he was, “deeply concerned as it would be a tragedy if the child tax credit lapses. We should make sure that we don’t cancel this at the beginning of the new year. That will be a disaster,” he said.
“It is not acceptable to miss a payment”
For his part, Ron Wyden, senator for the state of Oregon said that, “Our country would not accept vulnerable senior citizens missing out on a Social Security payment. Similarly it is not acceptable for vulnerable children and families to miss out on a child tax credit payment.”
“Our view is that the child tax credit is a really important, basic support for families and that we should extend it,” said Brian Deese, director of the National Economic Council. “And we should extend it because it’s doing what we hoped it would do, which is dramatically reduce child poverty in America, dramatically reduce poverty in America, and give families some breathing room in a very strong but uncertain economy,” he added.
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