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Child Tax Credit 2023: Will CTC Be There In Next Year?

child tax credit 2023

The expanded child tax credit (CTC) provided total cash payments to 39 million households in 2021 and 2022, lifting millions of children out of poverty. But, just as Democrats could not include a renewal of the program they enacted earlier this year in the United States, they have also been unable to include it in the $1.7 trillion spending proposal currently being debated. Democrats and progressives sought to make the child tax credit as they were during the interim extension of the American Rescue Plan in 2021.

In 2021 and 2022, how many children Tax Credits did families receive?

The American Rescue Plan increased to $3,000 per child for children over six. Its minimum age was also raised from 16 to 17. “Republican leaders decided to deliver a lump of coal to America’s children this year,” remarked Colorado Senator Michael Bennet. “We believe that the greatest significant move Congress can take to aid America’s children is to support an enhanced Child Tax Credit. We decreased kid poverty in America in half when Congress took action.

How much will families receive in the Child Tax Credit in 2023?

All taxpaying households were eligible for the benefit, or a single parent/head of home earned up to $112,500. However, given that the increased child tax credit era appears to be ended, things will likely revert to how they were before the implementation of the American Rescue Plan, which means that families will only be able to claim $2,000 per kid in 2023. “Republican leaders in Washington have refused even to discuss a solution that would help America’s youth and companies in recent weeks,” Michael Bennet stated. “They were not present at the negotiation table, and as a result, the coming year will be far more difficult for America’s families.”

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