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2023 Child Tax Credit Payment: Will There Be A CTC Next Year?

2023 Child Tax Credit Payment: Will There Be A CTC Next Year?
In 2021 and 2022, the enlarged child tax credit (CTC) gave 39 million households unconditional cash payments, raising millions of children out of poverty. (Photo: Marca)

2023 Child Tax Credit Payment: Will There Be A CTC Next Year?

$2,000 per child, families can only claim in 2023. The enlarged Child Tax Credit(CTC) will provide an unconditional cash payment to 39 million families in 2021 and 2022, lifting millions of kids out of poverty.

But just as they failed to renew the program in the Inflation Reduction Act in the U.S. earlier this year, democrats have been incapable to have it included in the $1.7 trillion expenditure plan making its way through Congress.

As democrats and progressives were under the American Rescue Plan`s temporary extension in 2021, they fought just to make the child tax credit more refundable, so that low-income families who were under the extension will remain eligible.

2023 Child Tax Credit Payment: Will There Be A CTC Next Year?

In 2021 and 2022, the enlarged child tax credit (CTC) gave 39 million households unconditional cash payments, raising millions of children out of poverty. (Photo: Marca)

How Much CTC (Child Tax Credit) Did Families Receive In The Previous Years?

The American Rescue Plan raised the Child Tax Credit for children aged 6 yrs. and older from $2,000- $3,000 per child, and increased the child tax credit for children under 6 from $2,000-$3,600. The age limit has also changed from 16-17.

According to a Colorado Senator, Michael Bennett, “This year, Republican leaders have decided to send lumps of coal to America’s children.”

In 2023, How Much CTC (Child Tax Credit) Will Households Receive?

All taxpaying families were qualified for the full credit. If a couple had up to $150,000 or the single parent/head of household had up to $112,500. Things are likely to return to where they were before American Rescue Plan took effect now that the enhanced child tax credit era appears to be officially over, which means, in 2023, families will only be capable of claiming $2,000 per child.

According to a published post by Marca, Michael Bennet added, “Republican leaders in Washington have refused to discuss any deals that benefit America’s children and businesses over the past few weeks. They weren’t present at the negotiating table, so as a result, next year will be a tougher year for American families.”

 

READ ALSO: Child Tax Credit F.A.Q.S

 

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