. The current credit is income-based, so those making over $200,000 will see the amount of their credit gradually phased out. If taxpayers' credit exceeds their taxes owed, they can get up to $1,400 as a refund.
"The coronavirus pandemic did not just shine a light on child poverty, it exacerbated it, and amplified the need — and the urgency — for expanding and improving the child tax credit," Rep. Rosa DeLauro, D-Conn.,. "For a long time, we've known that this change would dramatically cut child poverty, with enduring benefits for children and their families.
Under the new provision, the Treasury Department could issue advance payments of up to half the 2021 child tax credit starting in July based on families' 2019 or 2020 tax return information. If there is any overpayment of the credit, individuals making less than $40,000 would not need to repay the amount, nor would it be garnished from wages.
CNBC Peeps..the US needs babies 👶and a new generation to progress...replacing my dad who once stood with the Black Panthers and now has a Trump photo by the bed...