The child tax credit has long enjoyed bipartisan support, though Republicans have been wary of making it fully refundable.
Though its prospects are slim, the coalition's priority is making the credit more refundable so more of the lowest-income families can qualify, as they did last year thanks to thetemporary expansion of the credit. Nearly 19 million kids won't receive the full $2,000 benefit this year because their parents earn too little, according to a Tax Policy Center estimate.
While Bennet would like the credit to become fully refundable so all low-income families could receive the entire benefit, regardless of their earnings, he said he's keeping an open mind. The child tax credit has long enjoyed bipartisan support, though Republicans have been wary of making it fully refundable because they are concerned it could discourage parents from working.
Also, it made the credit fully refundable so the lowest-income families could qualify. And it sent half the credit to families in monthly installments of up to $300 from July through December last year to help them cover expenses. They could claim the other half on their 2021 tax returns. While the monthly payments were being delivered, food insecurity dropped and families said they could more easily afford their household expenses, said Elaine Maag, senior fellow at the Tax Policy Center.
For Luz and Rafael Garcia, the $750 monthly installments they received for their three children last year meant that the couple could pay their bills without having to repeatedly check their bank balance to make sure they had enough funds.
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