The cost of childcare is incredibly high, often amounting to thousands of dollars monthly per child. This financial burden is a significant factor driving many mothers out of the workforce. The pandemic exacerbated this issue, resulting in an unprecedented number of mothers leaving their jobs, highlighting the urgent need for change.
Enter the American Rescue Plan, a sweeping $1.9 trillion economic recovery package aimed at helping the nation rebound from the severe impacts of the COVID-19 pandemic. A key element of this plan is the largest Child Tax Credit ever enacted, benefiting more families than ever and providing essential support.
The Child Tax Credit jumped from $2,000 to $3,000 per child for those over six years old and from $2,000 to $3,600 for younger children. Additionally, the age limit for eligible children was raised from 16 to 17. As of July 15, 2021, families can receive up to half of this credit in advance monthly payments of $250 or $300 per child through December 2021.
Eligible households can claim the full credit if their incomes are up to $150,000 for couples or $112,500 for single parents (Head of Household). Importantly, families can still qualify for advance Child Tax Credit payments even if they report $0 in income or haven’t filed a recent tax return—just by using the Non-Filer tool on IRS.gov. For those who filed tax returns in 2019 or 2020 or signed up for stimulus checks, payments will automatically be sent.
If you have children aged 17 and under, you likely have received—or will receive—financial assistance from the federal government. After enduring more than a year of unexpected challenges, the Child Tax Credit serves as a crucial lifeline for families striving to make ends meet.
Take, for instance, Mark Thompson, a single father of two, who shared with Vox, “I was down to my last $60 and unsure how to stretch it for two weeks when I received a text notifying me of a $500 deposit. The Child Tax Credit was a lifesaver. I can’t express how relieved I felt.” Similarly, Lisa Gardner, a married mother of two, remarked to AP News, “Every little bit helps right now. I’m covering school expenses out of pocket and dealing with rising costs for food and everything else. We’re genuinely grateful. Things feel like they’re starting to improve.”
According to NPR, Columbia University’s Center on Poverty and Social Policy estimates that the American Rescue Plan could lift 5 million children above the poverty line through the expanded Child Tax Credit and other initiatives. However, it’s worth noting that not a single Republican supported this bill, with many on the right labeling it as a “socialist” agenda that threatens to “bankrupt America.”
The reality is that most parents are not misusing these funds; they are merely addressing the high costs associated with raising children in a society where they often have to choose between working and caring for their kids. Yet, some still argue that the Child Tax Credit is unfair or discriminates against those without children (please excuse my eye roll).
In truth, the Child Tax Credit is not a handout or a way for low-income parents to evade work. It has been a tax credit available to families since the Taxpayer Relief Act was enacted in 1997. Sarah Collins told CBS News, “I know some people will dismiss this as just another handout, but I don’t know any parent who wouldn’t benefit from an extra $250 for their child.”
In today’s economic landscape, many families are fighting to survive, and providing the option for families to receive an advance on a tax credit worth $250 or $300 per child over the next six months is the bare minimum our government can do to assist families in getting back on their feet. Anyone who disagrees should really reevaluate their perspective.
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Summary:
The Child Tax Credit has become a vital resource for families struggling with high childcare costs, particularly in the wake of the pandemic. While some criticize the credit as unfair, many parents see it as essential support for their families. With increased amounts and eligibility, it is helping millions of children escape poverty.
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