Just a reminder that Biden's child tax credit payments are
kicking in now. This is expected to make a significant difference in child poverty and is likened to social security for children. I'm not sure whether it will really have that sort of impact but if so I hope it continues, albeit with a lower cutoff. The way it's set up now, families making over $400k still get some payments which to me seems ridiculous.
I would like to see the phaseout reduced so that it's only addressing poverty and not something that permits people to game the system. For example, paying up to $9k per year for a family of 5 making ~3x the average family income in a state is excessive and can be better spent elsewhere. It feels like a redistribution from childless people to families.
Quote:
The Child Tax Credit in the American Rescue Plan provides the largest Child Tax Credit ever and historic relief to the most working families ever and as of July 15th, most families are automatically receiving monthly payments of $250 or $300 per child without having to take any action. The Child Tax Credit will help all families succeed.
The American Rescue Plan increased the Child Tax Credit from $2,000 per child to $3,000 per child for children over the age of six and from $2,000 to $3,600 for children under the age of six, and raised the age limit from 16 to 17. All working families will get the full credit if they make up to $150,000 for a couple or $112,500 for a family with a single parent (also called Head of Household).