The new bill aims to make the monthly Child Tax Credit permanent! The bill has a “baby bonus” for newborns in the family.
Democrat lawmakers have introduced a new bill for supporting families by providing monthly Child Tax Credit(CTC). Each child in the family will get this Tax Credit each month. The current CTC paid at tax time is $2,000 per year.
This American Family Act will provide $300 to children under 6 and $250 monthly to children between 6 and 17. the 204 members of Congress sponsor this Family Act.
Moreover, these members and supporters of this bill say that this monthly CTC will enable families to buy food and pay the bills for their children.
In addition, while citing the success of expanded CTC, Congresswoman Rosa DeLauro said, “The expanded and improved Child Tax Credit provided unprecedented economic security for American families. It worked, and it is time we get it working for families and children once more,”
The bill also includes a $2,000 increase in the CTC the month a baby is born. So, the families will get $5,300 for the first year of their child’s life.
But the bill’s fate is still undetermined as it must be included in the next budget. The bill’s supporters and writers hope to have them in the upcoming budget.
Who is eligible for this stimulus check?
A couple who earns up to $40,000 and an individual who earns up to $200,000 per year are eligible.
Low-income families will get the total amount as the CTC is fully refundable.
However, on the other, some Republicans criticize the bill. They say that it is too costly and will discourage the work.