
North Americas meeting place for adhesive & bonding professionals
The eighth edition of Ceramics Expo will take place May 2-3. To enhance its offering for 2023 and in response to developments in the use of advanced ceramic …
March 2, 2021: On Saturday, the House of Representatives passed the $1.9 trillion Covid-19 relief package, including a temporary increase in child tax credit.
The House’s American Rescue Plan increases the child tax credit for 2021 to $3,000 per child ages 6 to 17 and $3,600 annually for children under 6. The enhanced payments would start to phase out for individuals earning over $75,000 per year or $150,000 for those married filing jointly.
There’s already a child tax credit in place that provides $2,000 for each child. When Americans file their taxes, they can claim the credit for children under the age of 17. The present credit is income-based, so those making over $200,000 will see the amount of their credit gradually phased out.
“The coronavirus pandemic did not just shine a light on child poverty, it exacerbated it and amplified the need for expanding and improving the child tax credit,” Rep. Rosa DeLauro, D-Conn., said in a statement.
The American Rescue Plan’s changes to the child tax credit will cut child poverty by half, according to the Center for Law and Social Policy.
According to CLASP, levels of poverty between Black children are expected to decrease by 52%, while those among Hispanic children will reduce by 45%.
According to the organization,
“If made permanent, these improvements will have multi-generational, positive effects.”
Several Democrats, spearheaded by DeLauro, supported a proposal that would make the enhanced payments permanent, but the language did not make it into the House legislation’s final version.
Additionally, Senator Mitt Romney, R-Utah, proposed a similar tax credit last month that is slightly more generous for younger children and lasts longer than the child credit offered as part of the $1.9 trillion relief package.
The House version of the American Rescue Plan will now go to the Senate, which is expected to vote on the package before March 14
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
The eighth edition of Ceramics Expo will take place May 2-3. To enhance its offering for 2023 and in response to developments in the use of advanced ceramic …
June 7, 2023: UBS is anticipated to finish its seizure of Credit Suisse “In June”, making a considerable Swiss bank with a balance …
June 7, 2023: Five people stated that senior officials from nearly two dozen of the foremost intelligence agencies held a secret meeting …
June 7, 2023: On Tuesday, Sequoia, one of the biggest venture firms in the world, told investors that it would divide its global partnership into three …
June 5, 2023: Amazon is in talks with several wireless pages about establishing a mobile service for Prime fellows, according to a report from …
June 5, 2023: The Pentagon stated it has decided to buy Starlink satellite internet terminals from Elon Musk’s SpaceX for use in Ukraine …