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35.2 Million US Households Received The Child Tax Credit Payments In July
On average,in July 2021, households are receiving 423 dollars; the US Department of the Treasury estimated that 35.2M households received payments in July 2021.
Brianne Walker greatly wanted to take her two siblings and three children camping for the first time but was not confident about paying for that. After all, she was behind on her rent, and grocery and daycare costs were adding up. Another woman, Christina Darling, ultimately replaced her 2006 Chevrolet Equinox after it broke down many times while taking her children up from the daycare center. But the thirty-one-year-old mother of two was striving to keep up with the vehicle payments.
Then, this month, the two Hampshire women got a surprise in their bank accounts. Both qualified for the expanded child tax credit payments, part of the US President Biden’s 1.9T dollars COVID-19 relief package. On average, this month, households are receiving 423 dollars; the US Department of the Treasury estimated that 35.2M households received payments in July 2021.
We passed the largest tax cut for working Americans in history with the expanded #ChildTaxCredit. Parents know best how to support their families. We’re putting money in your pocket to manage your own household.
Walker, 29, who took custody of her siblings in 2020 after her mother overdosed, said the extra money does help mollify the pressure. The eight-hundred-dollar credit would help make up for losses she experienced after leaving a kitchen design job to care for the 5 youngsters, ages three to nineteen.
How Much Credit Eligible Households Would Receive Monthly?
The US President raised the amounts going to households and expanded it to include those whose income is very little to owe taxes. Thus, the benefits start to phase out at incomes of seventy-five thousand dollars for individuals, 112500 dollars for family heads, and 150-thousand dollars for married pairs. Moreover, households with incomes up to 0.2M dollars for individuals and 0.4M dollars for married pairs could still get the previous two-thousand dollars credit.
35.2 Million US Households Received The Child Tax Credit Payments In July Source: Web
In the past, eligible households got credit after filing their taxes, either as a lump sum or a credit against taxed awed. However, now 180 days of the payments are being advanced monthly through the year’s end. Moreover, a receiver gets the second half when they file their taxes.
Moreover, the credit is 3600 dollars per annum for children under 6 and three thousand dollars for children between ages six and seventeen. Thus, eligible households will get 300 dollars per month for each child under six and 250 dollars per older child.
