As COVID-19 cases continue to surge due to the highly contagious omicron variant, parents are preparing for the end of child tax credit advance payments.
is signed into law. President Biden and Senate Democrats have been unable to secure enough votes to pass the bill, which includes extending the monthly child tax credit payments.Center on Budget Priorities analysis of U.S. Census Bureau Data
"Having that extra $250 meant the world to me. The fact that I'm going to be losing it just as fast as it came is devastating. Last year during the pandemic when everything was remote, my son's laptop died. When you're earning less than $760 a month and your high school kid's laptop dies, how do you pay for it? I paid for it by purchasing a computer on sale on a payment plan, otherwise I would not have been able to afford to buy him what he needed for school.
"At first, I thought $300 a month wasn't going to be very helpful, but as the year has progressed, it has been really helpful. Before the credit, I was teaching at every after-school program I possibly could, just for the extra income. My paycheck is the only income that we have, so it's just allowed me to be at home more so that I can spend quality time with my daughter. I also have aging parents that require me to take off time from work.
Ryan is an elementary school teacher and father of two children, ages 4 and 1. His wife is a dental hygienist.The child tax credit provides my family with an offset to our biggest two expenditures — our mortgage and our daycare expenses. Sending two kids to daycare costs slightly more than our mortgage each month.
“Our child isn’t old enough to get vaccinated, so we’re limited on where we can bring her. We were so fortunate to find a preschool that holds classes outside — she’s a little extrovert, so that social aspect is so important.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tax hikes still on the table as Dems scramble to save spending billA good sign for Democrats hoping to salvage pieces of their ambitious tax agenda: Joe Manchin doesn’t seem to have second thoughts about hiking taxes on the rich and corporations by well over $1 trillion
Read more »
How One Family Benefited From the Child Tax CreditThe extended child tax credits have transformed millions of American families. msolis14 reports on what they've meant to one New York family — and on the uncertainty of what comes next
Read more »
Sen. Joe Manchin suggests Child Tax Credit payments would be used to buy drugsSen. Manchin detailed his concerns privately to colleagues and others on Capitol Hill in recent months, sources tell ABC News.
Read more »
It's unlikely the monthly child tax credit will be extended next year, which may 'substantially' increase child povertyIt's unlikely the monthly child tax credit will be extended next year, which may 'substantially' increase child poverty (via CNBCMakeIt)
Read more »