The head of the IRS said he is expecting to meet the 1st July deadline in the new pandemic relief law for starting a groundbreaking tax program designed at reducing child poverty in the United States. It clearly indicates the new advance monthly payments of as much as $300 per child could start flowing to lower-income families this summer. The Commissioner of IRS, Charles Rettig said in testimony at a Senate hearing that it will cost at least $400 million and require the hiring of 300 to 500 people to get the new monthly payment system and electronic portal in place for the child tax credit. He said, “The IRS will be working hard to deliver this program quickly and efficiently. We have to create a new structure”. Rettig added that the tax-collecting IRS is not historically a benefits agency.
Point to be noted that the IRS has suffered budget cuts over the past decade. It has been further burdened by the pandemic and the task of sending out hundreds of millions of economic stimulus payments in 3 rounds. Democrats sought to provide support to families affected by the coronavirus pandemic and parents forced to cut down on work or give up jobs to take care of children after losing access to childcare. The expanded child tax credit in the $1.9 trillion in embedding rescue legislation was enacted last month. Democrats view the tax change as an opportunity to address income inequality worsened by the pandemic. It would decrease the number of children living in poverty in the US by more than half. Democratic legislators said they want to make it permanent, while the change will be in effect for a year under the rescue law.
It would temporarily increase the existing child tax credit from a maximum of $2,000 a year per child to $3,000 for each child aged 6 to 17 and $3,600 for children under 6. The change offers the option for families to receive advance monthly payments, instead of waiting for a lump sum based on the parents’ tax liability. So, individuals who make less than $75,000 or married couples who make less than $150,000 and file jointly will be eligible for the full tax credit per qualifying child. If a family doesn’t qualify for the expanded child tax credit, they can still receive the $2,000 credit if the income level is below $200,000 for individuals and $400,000 for married couples. Rettig also acknowledged that the gap between taxes owed and taxes paid is far larger than official government estimates had estimated.
Source: http://www.vindulacms.com/new-3600-child-tax-credit-to-begin-in-july-2021-for-eligible-americans/
The US federal government has joined with a new internet site to help more Americans to apply and receive the expanded child tax credit.
They can collect a monthly payment of $300 per child that was part of the coronavirus relief package Read more....
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