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06.11 - 11:11
Child Tax Credit Payments 2021: Who Is Eligible and How Much Are They?
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wsj.comThe fourth monthly payments of the child tax credit hit Americans’ bank accounts Oct. 15, continuing an experiment in family and fiscal policy. Democrats tout the monthly payments as a way to reduce child poverty and change annual lump-sum tax refunds into a more reliable stream of income. Republicans have criticized the changes for breaking the prior link between the credit and earned income.
The child tax credit is a federal benefit that reduces income tax liability for people with children. It was created in 1997 and since then has expanded several times. It is a credit that reduces taxes owed as opposed to a deduction that reduces taxable income. The temporary changes in effect for 2021 make it a near-universal monthly child allowance,
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