What's next for the extra child tax credit?

Under President Trump the child tax credit was raised to $2000.00 per child. Then when economic stimulus was needed during the pandemic the amount was temporarily raised to $3,600.00. Advance monthly payments of the tax credit for 2021 started to arrive in parent's bank accounts in July. Those extra payments came to an end this past December. Democrats in Congress are hoping to make the $3,600 tax credit permanent some time this year. Republicans and one moderate Democratic Senator Joe Manchin have so far been opposed to the permanent extension. They're concerned about inflation and where all of the extra money coming out of the treasury would come from. Senator Manchin and some Republican Senators would have to go along with any compromise plan that would increase the child tax credit. In the meantime, Manchin and Republicans are reminding parents their child tax credit isn't gone. It's just back to $2000.00 per child. The amount Congress agreed on several years ago.

Source: Politico

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