For the last six months, as many as 36 million families received a check every month from the IRS as part of the expanded Child tax credit stimulus monthly payment. It is an infusion of cash that has helped many households pay their grocery bills, purchase uniforms for school, and meet expenses to raise kids. However, July January 2022 will be the first month when these households will not receive any check as part of the child tax credit payments 2022 even with inflation looming as the highest ever in the last 40 years.
Child tax credit direct deposit
If President Biden’s Build Back Better Act had been passed, the households would have gotten the child tax credit payment amount. This amount would have been received on January 14th as the next was a Saturday and the check would have been issued by the IRS a day earlier.
Many households are living out of just $50 a month and the child tax credit payment amount was of immense help to them. However, now that the IRS has still not disbursed the amount, many must spend days without a meal.
More than 10 million kids face the risk of poverty
Experts say that children would face the wrath of poverty given the fact that now that inflation is at an all-time high. Coupled with the same, the coronavirus infections are surging which further adds to their woes and already existing agonies.
According to anti-poverty experts, in the absence of the child tax credit stimulus monthly payment, about 10 million children face the risk of being driven into poverty, as per a recent estimate provided by CBPP or Center on Budget and Policy Priorities.
The Child tax credit stimulus monthly payment expired on December 31st, following a scenario when the Build Back Better got stalled due to opposition from a Joe Manchin, Democrat Senator, from West Virginia, whose support and help was influential in the passing of the bill.
The credit size will be curbed in 2022 to $2,000 for every eligible child. These full payments will be received by families with enough income to owe taxes. The credits for 2022 will be received only when people file taxes at the beginning of the year.
How many child tax credit payments have been issued?
As per the child tax credit portal guidance page available on the website of IRS, more than 35 million families in the United States have received the child tax credit payment amount. From the child tax credit portal, you will be able to find out whether your child is eligible for the payout or not.
The issue of the child tax credit is very sensitive and essential to resolve. This is how the lives of poor and distressed families in the USA would be improved.
