President Joe Biden rejected the idea of terminating child tax credit payments last week, indicating his support for keeping the stimulus checks available to families across the country.
Biden, according to Politico, wants to extend the child tax credit payments for three more years. However, the Democratic Party, Biden’s own party, has resisted the notion since it might boost the cost of a spending measure currently being considered in Congress. According to Politico, Biden agreed to extend the child tax credit payments for another year.
According to the Deseret News, the kid tax credits are part of the idea introduced to the American Rescue Plan, a $1.9 trillion coronavirus relief program voted in Congress last March.
Families now receive $3,000 for children aged 6 to 17, and $3,600 for children under the age of 6. From July through December, half of the funds are delivered in six monthly checks. The remaining half will be distributed when people submit their taxes in 2021.
The current child tax credit discussion comes just days after Sen. Joe Manchin, D-W.Va., asked for two substantial modifications to the plan. Manchin, who has Senate influence owing to his moderate political opinions and frequently serves as a swing vote, stated in mid-October that he intended to make two key modifications to the child tax credit standards.
First is that there must be an “established employment” criterion so that those receiving benefits may demonstrate that they are working. Secondly, there should be a household income cap of around $60,000.
However, Biden opposed Manchin’s proposal, seeking to maintain the benefits accessible to the majority of families. “President Biden’s Child Tax Credit is a middle-class tax cut.” The White House announced in a tweet that “middle-class families would receive a monthly payment of $250 for a kid over the age of six, and $300 for children under the age of six.” “That’s significant.”
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