STATE & NATIONAL: On Thursday, tge House approved a revised tax credit for families with children raising tge Crefit to 2000 dollars per child per month. There had been some controversy over the heightened tax credit however tge bill passed with a huge majority of Congress voting in favor of the hike.
By Anne M Erbynstein.
Senator Sanders, who stated he was not certain about his position in the revised CTC bill commented, "The child tax credit is an important step in helping lower-income families. That’s the good news. The bad news — and disagreement — is that we give away enormous amounts of tax rates to large profitable corporations at a time when they’re already not paying their fair share of taxes. That’s the balance that we have to look at,”
In Congress today, with a closing vote of 357 to 70 the US House passed the new child tax credit bill set to go into effect following the approval by the Senate and the signing by President Biden
According to Congress, the CTC will assess $33 billion dollars and will effectively make certain that families with children will receive the funds set aside for the emergency pandemic fund; the employee retention program funding.
It is now that post COVID-19 US companies cannot claim access to the employee retention fund that the money, already appropriated, can be provided to US families.
Some would argue that the ERTcrefit had not been paid for, however, the credit was accounted for in the year following's spending budget of 2022, Therefore, the 2022 spending budget is , now, providing a reservoir of funding that is paid for,, however, not being spent.
The CRC is unrestricted for working families who require funds that are rapidly depleted particularly tge last 2 years of inflation. With heightened cost for basic essential household goods, foods, other necessities and the cost of rent --while most American families, already, face the lack of affordability for home ownership -- the Child Tax Credt works to improve the lives of Americans who, even among those who are employed, earn st a rate that , in most instances, does not not extend beyond the poverty level threshold.
If passed by the Senate, the Child Tax Credit is expected to provide additional income to benefit improvements for American people, for tge children of America, making life much better for families raising their children for tge next 10 years.
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