It's unlikely the monthly child tax credit will be extended next year, which may 'substantially' increase child poverty (via CNBCMakeIt)
But "if the expansions end in 2021, this historic progress would be reversed, driving child poverty up substantially," the CBPP reports.
Many families will still qualify for the standard CTC next year, worth $2,000 per child. But the monthly advance payments will cease, and an estimated 27 million children will receive less than what they are currently getting, or will receive nothing at all, according to CBPP. The poorest households will be hurt the most: Families that do not file a tax return because they make too little — who account for more thanMany recipients of the enhanced credit, particularly those with annual incomes under $35,000,, school expenses, utilities, housing payments and clothing, according to the U.S. Census Bureau's Household Pulse Survey. Without the enhanced payments, many will once again be late on bills or go into debt, reports the CBPP.
"Poverty and the hardships that come with it — unstable housing, frequent moves, inadequate nutrition, and high levels of family stress — can take a heavy toll on children," the CBPP says. Growing up in poverty isBut the additional income provided by the enhanced credit could , says CBPP: "Extending the expanded credit and making the child tax credit fully available on a permanent basis to families with low incomes would improve children's lives in the near and long-term and benefit society overall."
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