Last week marked the last enhanced monthly child tax credit payment to millions of disadvantaged Americans thanks to one man in Congress: Sen. Joe Manchin (D-W. …
Last week marked the last enhanced monthly child tax credit payment to millions of disadvantaged Americans thanks to one man in Congress: Sen. Joe Manchin (D-W. Va.). His announcement that he will not support the Build Back Better Act will terminate this critical economic relief, which vulnerable families were counting on to help support themselves next year. The child tax credit expansion, part of the American Rescue Plan enacted back in March, increased the benefit from $2,000 to $3,000 — and included an additional $600 for families with kids under six during the calendar year 2021. Beyond that, it provided monthly installments of $300 to families with children under six, and $250 per month for those with kids between six and 17. It also enabled families to newly claim 17 year-olds, which they previously were unable to do. The government’s expansion of this policy provided a safety net for families — and that’s a good thing. An estimated 35 million families — 65 million kids — have been helped by the additional federal support. The real beneficiaries are vulnerable and underserved populations. It has helped disadvantaged families build emergency savings, pay for routine and essential expenses, buy food, pay for health care, fund child care and more. The Build Back Better Act sought to extend the American Rescue Plan through 2022. A key part of the bill would have made the child tax credit’s full refundability provision permanent, enabling recipient families to use it to offset taxes owed at the end of each year.
