More Than 30 Million Families Will Soon Lose Child Tax Credit Benefits
More than 30 million families are at risk of losing their child tax credit benefits this weekend after Congrees failed to pass an extension of the safety net program that benefited children during the pandemic.
The Biden administration initially expanded the credit in 2021 after removing the work requirement and saw the CTC reach $93 billion to 36 million families over a span of six month. The CTC gave a $300 tax credit for every child 5-years-old or younger and a $250 tax credit for every child between the ages of 6 and 17.
One-third of the families receiving the benefits used it to cover school expenses, while 25% of people used it for childcare, and 40% used the tax credits to pay off debt.