It’s unlikely the monthly child tax credit will be extended next year, which may ‘substantially’ increase child poverty

by admin

December 22, 2021

in Tax

It’s unlikely the monthly child tax credit will be extended next year, which may ‘substantially’ increase child poverty

But “if the expansions end in 2021, this historic progress would be reversed, driving child poverty up substantially,” the CBPP reports.

Many families will still qualify for the standard CTC next year, worth $2,000 per child. But the monthly advance payments will cease, and an estimated 27 million children will receive less than what they are currently getting, or will receive nothing at all, according to CBPP.

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The poorest households will be hurt the most: Families that do not file a tax return because they make too little — who account for more than 80% of the enhanced credit’s poverty reduction benefit — will once again be ineligible next year.

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