Biden's child tax credit kept 3 million children out of poverty in just its first round of payments
The monthly payments the government started sending out to eligible families in July are already saving three million children from falling below the poverty line — and that's just with one payment.from Columbia University's Center on Poverty and Social Policy finds that the first child tax credit payment has already contributed to the child poverty rate dropping from 15.8% in June to 11.9% in July, or a decline of 25%.
The authors note that this monthly decline was driven by the first advance child tax credit payment where the credit alone kept about three million children out of poverty. Families getting advance monthly payments are receiving up to $250 a month per child for children between 6 to 17 and up to $300 a month per child for children under 6 years old.
The first advance child tax credit payment went out to millions of families on July 15. Eligible families started receiving the second one on August 13 and can expect four more monthly payments this year. The temporary expansion included making the credit fully refundable, having 17 year olds be eligible, and half of the amount going out as monthly installments. The credit increased from up to $2,000 per child to up to $3,000 per child for children age 6 to 17 and $3,600 for children under 6. There also isn't a minimum income requirement of $2,500, allowing families who didn't qualify be included.
of adults in households that received a child tax credit in the past four weeks mostly spent it or to mostly pay down debt.
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