Child Tax Credit was the only source of payment that helped millions in million ways perhaps. However, after Republicans took over the House. They stopped any type of payment from going out. Fearing it would bring more financial strain on the country’s economy. They were against stimulus checks since the beginning. President Joe Biden still fought to keep child tax on the table for a long. He expected it would continue for a year at least. It didn’t.
New York City Expanding The Child Tax Credit
Most new yorkers are living in poverty. Child Tax Credit could be immensely helpful at the moment. If they implement this bill. There is a possibility all children under 4 years old would receive $1000.All young children aged between 4 to 17 would be rewarded with $400.Even families earning $75,000 to $110,000 are also eligible for this credit.
The previous study showed most of the child tax was used for necessities like utilities, food, clothing, and other expenses.
The state has announced another year of Child Tax Credit for families who have the youngest children. Children who are 4 years old or younger, and their families can opt for this program and claim their checks.
The federal tax code would be providing children with a Credit of $2000.
Child Tax Credit would cost $1.1 billion annually. Perhaps this would be a great investment for the children, and the future of the country. It would produce $9.8 billion.
In Syracuse, there are 48% of children live in poverty. Buffalo has 42% of children and the Bronx has 375 children living in poverty. This Credit would do some massive good in the community.
