Thomas Barwick | DigitalVision | Getty Images
Continuing the expanded child tax credit, which is set to expire after 2021, would help millions of American children, including lifting some out of poverty, according to new research.
As many as 65.6 million American children — 90% of all kids in the U.S. — would benefit from an expanded child tax credit, such as the one proposed in President Joe Biden’s American Families Plan, a study from the Center on Budget and Policy Priorities has found.
In addition, the changes to the child tax credit proposed by the act would lift 4.1 million children out of poverty, cutting the overall poverty rate by about 40%, the study found.
More from Invest In You:
How to get monthly child tax credit without a permanent address
Lack of workers hurts small business ability to keep up with demand
How this 26-year-old TikTok creator makes over $100,000 per month
The child tax credit was enhanced in the American Rescue Plan Act, signed into law by President Joe Biden in March. For 2021, the maximum enhanced child tax credit is $3,600 for children younger than age 6 and $3,000 for those between 6 and 17. Part of the credit will be given as monthly payments: $300 per child younger than 6 and $250 for those between 6 and 17, starting July 15.
Biden’s American Families Plan proposes keeping the expanded child tax credit through 2025 and making the regular child tax credit permanently refundable, so that families with the lowest incomes can…
