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Biden Admin’s Child Tax Credit Expansion Ends This Weekend

This weekend will mark the end of the expanded Child Tax Credit (CTC) benefit, which has allowed tens of millions of families to get an additional monthly payment since last July. Under the American Rescue Plan, a $1.9 trillion stimulus package signed by President Joe Biden last March, the existing annual CTC benefit was increased from $2,000 to $3,600 per child under age 6, and to $3,000 for each child aged 6 to 16. The amount varied on income, meaning families with higher incomes might receive smaller amounts or no credit at all. Championed by Democrats, the temporary CTC expansion was designed in a way that parents didn’t have to work to be eligible and receive CTC payments, which was deposited into bank accounts on the 15th of every month from July to December 2021. The previous CTC needed beneficiaries to work in order to claim full credit. As of …

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