Child Tax Credit Payment Update April 2022- Republican Support

Hey Folks,

Haris here with another Child Tax Credit update as we enter the 4th full week of April 2022.

So as you might be aware, the child tax credit advance payments ended in December because the build back better plan which, those payments are a part of, did not pass. And it did not pass because it required all 50 votes of the democrats, but unfortunately Joe Manchin is against the child tax credit payments.

So, fast forward to today, the Democrats are getting tired of dealing with Joe Manchin, so considering plan B which is negotiating with Republicans, because in order to pass this bill, they need 50 votes and they certainly don’t have Joe Manchin’s votes, which means they’ll need support from the Republican Party.

There is some good news though!

The good news is, some Republican Senators such as Senator Mitt Romney do support the child tax credit. In fact, Romney proposes giving parents $350/month for 5 years old and under, and $250/month for children 6 and older. That’s actually a $50/month bump from what we’ve been getting last year. He also calls to allow expecting parents to receive funds 4 months before the birth of their child, allow single parents that make under $250K or married parents making under $400k eligible for the child tax credit before it starts to diminish. In addition, he calls for the Social Security Administration, instead of the IRS, sending those payments based on children with a social security number. This proposal was actually made last year BUT it may be brought into life again considering the build back better plan is not looking good right now. In December when Joe Manchin went on Fox news to say he wouldn’t be going along with the other Democrats, Romney brought up his proposal once again, suggesting the build back better plan would likely not go forward without bipartisan support.

And to give a back story to this, the democrats thought initially they could pass the bill on their own, so they really just brushed off any republican support. But again, since it’s now becoming clear that Joe Manchin is impossible to deal with, they will likely need to work with Republics such as Mitt Romney to get this bill passed. And the reason Joe Manchin won’t support the bill is because he wants to see tighter income requirements and have parents be working to be eligible for the credit, which all the other democrats disagree with.

These are very difficult times for alot of folks that have been relying partially or even completely on the child tax credit not just for their kids but in some cases just to survive. It’s estimated that 36 million families received the child tax credit last year, and the average monthly payment was about $444 dollars. So there’s a lot of pressure to get some sort of relief to those that were getting used to these payments and so the democrats are starting to consider a bipartisan route.

That’s all we have for the child tax credit update as it stands currently. Also be on the lookout for letter 6419 for the child tax credit which is super important in case you missed any payments, you can see my video on it here and be sure to subscribe to my channel for more updates.

Thanks.
#childtaxcredit #taxcredit #stimulus

Видео Child Tax Credit Payment Update April 2022- Republican Support канала Mr. Money Mindset