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Can We Expect a Child Tax Credit in 2023?

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Many people in the United States saw significant changes to their finances as a result of the outbreak. Businesses around the country were compelled to close their doors, at least for a few weeks, as a result of lockdown procedures implemented to contain the virus, leaving thousands of workers without jobs overnight.

Although stimulus payments helped mitigate the impact of the economic downturn on these locals, a number of families showed signs of growing reliant on government assistance programs and tax credits.

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The Child Tax Credit (CTC) program has become more popular over the past two years, as it offers a rebate on taxes to qualifying families based on their income and the number of children living there.

How does the Child Tax Credit work?
Simply put, the CTC is a tax credit granted to American filers for each qualifying kid in their family.

Who qualifies?

The following income limits apply to CTC eligibility for a household of four:

  • The maximum is $150,000 if both spouses file a combined return or if one spouse is an eligible widow(er).
  • The limit is 112,500 USD if you are filing as a head of household.
  • The limit is $75,000 if you are single or married but filing separately.

Simply put, how much is CTC really worth?

When The American Rescue Plan was finally put into action in 2021, the highest amount a person may get increased from $2,000 to $3,000.

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It was possible to get up to $3,600 for families with kids under the age of six.

When CTC comes back in 2023, will that be?

There is a compelling argument for CTC’s permanent reinstatement, as it has helped elevate millions of Americans out of poverty.

However, if past protests are any indication, United States Vice President Joe Biden would have to convince his fellow Democrats to attach a work condition to the program.

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