A deal might mean expanded monthly payments could end next year instead of 2025.
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Under a provision in the American Rescue Plan, 39 million families are now eligible for the expanded Child Tax Credit, according to the IRS, but the current program is set to lapse at the end of the year. President Joe Biden had proposed extending it through 2025, but it now may be extended only one additional year as Democrats pare back their social spending package amid pressure from moderates to cut the cost of the president's plan.
Mehrabi also said the monthly payments, rather than the smaller payouts that used to come only during tax season, can make a life-changing difference. "Many other developed countries have had child allowances that recognize that parents and families have particular financial obligations to raise children," Cox said.
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