According to President Joe Biden’s budget proposal for 2024, $300 monthly payouts to families with children, which are largely recognized to have helped in bringing individuals out of poverty, would be restored.
The Child Tax Credit, which was initially established as part of the American Rescue Plan and, according to the White House, reduced child poverty in half to the bottom level in American history, is what Biden suggests being reintroduced.
According to the White House, “President Biden has always thought that it’s necessary to boost the economy first from bottom up and center out, not just the top down. “Despite huge obstacles, that economic plan from over previous 2 years has resulted in historically major progress for the American people.”
The maximum annual credit for qualifying households would rise from $2,000 to $3,600 for each child under the age of 6. Kids who are 6 years old and older might be eligible for a $3,000 credit.