|Thanks to President Biden and Democrats and no thanks to a single Republican in Congress, American families will receive their third direct payment through the Child Tax Credit, putting money in the pockets of millions of families. Whether these payments are going to household expenses or into college savings accounts, these middle class tax cuts are already making a real difference in the lives of working parents across the United States. In fact, hunger rates among children fell dramatically after just the first Child Tax Credit payments were distributed in July.
Here’s a look at what Americans across the country are reading as payments start hitting bank accounts today.
In Florida: Orlando Sentinel: Nearly 3.8 million kids in Florida eligible for Child Tax Credit
The pandemic impacted the finances of millions of families and many have taken advantage of the American Rescue Plan signed into law by President Joe Biden in March, especially with the Child Tax Credit.
The credit was expanded and is available to nearly 3.8 million children in Florida, a financial assistance that could reduce child poverty in the state by 38%, according to the Center on Budget and Policy Priorities. […]
This benefit comes as part of the American Rescue Plan Act (ARPA), which offered a third round of stimulus checks to help people affected by the recession caused by the pandemic. The direct economic relief for Americans also included an additional $1,400 for each dependent claimed on their taxes and an expanded federal child tax credit which began being paid in July in installments of up to $300 per month at least until December.
In Pennsylvania: Pittsburgh Post-Gazette: Parents are taking advantage of the child tax credit to shore up college savings
The child tax credit that was included in the American Rescue Plan has provided parents with a unique opportunity to build up a college savings fund.
The monthly payments — representing an advance on half of the taxpayer’s expected 2021 credit amount — would come out to six monthly payments of $250 a month for each child age 6 to 17; and $300 a month per child under age 6.
In West Virginia: WTRF: Child Tax Credit Program takes burden off families locally and across the nation
COVID-19 has taken a toll on many families. But, families who were just barely getting by are getting a boost, with the help of the expanded Child Tax Credit Program.
Like other families, Jenny Showalter, who lives in Wheeling, knows the impact of the expanded Child Tax Credit program. But what’s helped her family get by, could go away for good.
“We’ve got food in the house. I mean, it’s done a lot for us. We’ve even moved into a bigger house than we were before. Things are just looking up for us because of the help from the CTC.”
In Arizona: Yuma Sun: Guest Column: Tax cut is lifesaver for working families, but especially here in Yuma
This week, help is here yet again for the families of 1.3 million Arizona children, and it’s all thanks to Joe Biden and Democrats in Congress. As Child Tax Credit payments hit bank accounts across the state and deliver some much-needed help to working families, I’m reminded of the good that government can do when we put our minds to it.
In Georgia: Georgia Recorder: Opinion: Extending the child tax credit will help families cope with life’s emergencies
I was planning to buy a toddler bed for my 18-month-old with my first child tax credit check. Then my car got a flat tire and that plan went out the window.
Had I not received that check, I wouldn’t have had the money for that emergency. I was able to get the tire fixed and I didn’t have to go into debt to do it. And when the second check arrived in August, I was able to buy my son his bed.
President Joe Biden’s expanded Child Tax Credit recognizes that most families in today’s economy don’t have a nest egg to cover sudden expenses. The CTC benefits 90% of American families. It’s not here to make us millionaires. Its purpose is to ease the constant stress that our kids can see on our faces when we worry about another school expense, unexpected medical bill, or illness.
In Missouri: St Louis. Post-Dispatch: Messenger: Tax credit checks could be path out of child poverty for many in St. Louis region
This year, the entire credit is refundable, and starting in July, millions of American families started receiving monthly checks for part of the credit. The American Rescue Plan was devised to help lift the country out of dire financial straits caused by the coronavirus pandemic. But the child tax credit, in particular, has been seen as a potential long-term strategy to battle child poverty.
Statistically, the infusion of cash is expected to lift about 4 million children out of poverty. By way of historical measure, Rubinton compares the expansion of the child tax credit to the advent of Social Security, which was created to lift seniors out of poverty.