Friday, November 12, 2021
HomePersonal FinanceChild Tax Credit’s Cheque To Be Credited Soon To Millions of Parents

Child Tax Credit’s Cheque To Be Credited Soon To Millions of Parents

The Child Tax Credit is an important means of livelihood and family assistance provided under the Federal Initiatives. This shall be the fifth Cheque being dispensed under the scheme, after this one more such payment remains pending.

This month they are expected to reach the parents by early next week around Monday, and slightly delayed will be the payments that shall be reached through the mail. The last payment next month is expected to reach the households by 15th December, post which the scheme would be up for discussion for renewal.

The Scheme’s renewal is not ‘obviously’ on track, as Biden’s new Social Restructuring Plan costs $3.5 Trillion, it has many benefits and aids to people with diverse needs, which makes the Child Tax Credit program one up for discussion, to limit federal spending.

However, families that sign up now will get their check as a single lump-sum payment next month for one-half of the full enhanced CTC amounting to $3,600 for kids under 6 and $3,000 for those aged 6-17. The lump-sum would be $1,800 for parents of infants under 6 and $1,500 for all other eligible children under 17 years of age.

Some lawmakers seem to be in favor of cutting down the duration of the scheme to one or two years at most. Researchers working in the domain of anti-poverty, and spending time on-ground with the families are maintaining a hawk’s eye on the same as the cheques are helping families stay buoyant in these tough times of the pandemic.

Read More: $1400 Stimulus Check Maybe Releasing in 2022, Know Who Can Receive It.

Over 60 Million Children have been helped through these measures every month. Natalie Foster, the co-chair of the Economic Security Project, a group that advocates for issues such as basic income, shared that, “It provided immediate support each month for families to fix a car, pay rent that is due the next month, put food on the table when the grocery bill is getting higher, pay for athletic uniforms as back to school costs mounted in August.”

She also believes that the cheques have been a lifeline for some families, but now, “Families need to plan, and they need to be able to plan for the long-term,”.

Read More: Stimulus Check: Second Round Of Golden State Checks Maybe Amount Upto $1,100



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