President Biden Push to Revive Enhanced Child Tax Credit – Family Centric Move!

Biden’s Boosted Child Tax Credit: A Game-Changer for American Families

President Biden’s Plea for Restored Child Tax Credit: A Fight Against Child Hunger

According to the ascent, the Child Tax Credit is a crucial financial support for American families, underwent significant changes in 2021 under President Biden‘s leadership. The credit’s maximum value increased from $2,000 to $3,600 for children under six years old and $3,000 for those aged between six and seventeen. Moreover, it became fully refundable, allowing parents to receive the full amount even if they owed no tax to the IRS. The enhanced Child Tax Credit was paid in installments, providing immediate relief to struggling families.

These improvements were only applicable for the 2021 tax year. In 2022, the Child Tax Credit reverted to its previous form. President Biden, during his recent State of the Union address, emphasized the need to restore the boosted Child Tax Credit, stating, “The Child Tax Credit I passed during the pandemic cut taxes for millions of working families and cut child poverty in half. Restore that Child Tax Credit. No child should go hungry in this country.”

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President Biden Push to Revive Enhanced Child Tax Credit – Family Centric Move!(PHOTO: getty image)

Claiming Child Tax Credit in 2023: Your Guide to Financial Support

Though the boosted features of the Child Tax Credit have not been reestablished, eligible parents can still claim the credit on their 2023 tax returns. The existing qualifying criteria and partial refundability continue to provide significant financial support for families. As lawmakers deliberate on possible modifications, it is vital for parents to keep abreast of their eligibility and available tax credits to optimize their financial assistance.

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