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Friday, January 21, 2022

Policy debate at center of Biden-Manchin standoff

Congress expanded the scope of the child tax credit through the end of the year as part of a $1.9 trillion pandemic relief law that Congress, including Mr. Manchin, approved with just Democratic votes. Democrats hope to expand it and eventually make it permanent.

The credit, first established in the late 1990s, was extended to cover more families and this year allowed direct monthly payments of up to $250 per child, or $300 for a child under the age of 6. was reorganized to allow It also became fully refundable, meaning families required to provide proof of income or pay federal income tax to receive payments.

Of the country’s 74 million children, nearly nine in 10 qualify, and expanded eligibility for families at the lower end of the income scale has significantly reduced child poverty.

In an October Census Bureau report that tracked how nearly 300,000 recipients spent their first three payments this summer, researchers found that nearly half of households spent some portion of the money on food. Other families said they used the money to help pay their rent, mortgage, utilities, child care and school expenses.

Under the version of the Domestic Policy Bill passed by the House, the program will be extended for another year. Without the expansion of the expanded program, the loan size would be significantly reduced, especially for low-income households. And it will revert to paying a lump sum once a year associated with filing the tax return instead of half of the monthly distributions.

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As Democrats applauded payments to their constituents’ bank accounts this year, Manchin has priced the one-year extension, arguing it was misleading because of ambitions to make it permanent, a move that would cost almost That would be an additional $1.5 trillion a decade, according to the Congressional Budget Office.

At one point, Mr Manchin even privately expressed concerns to his colleagues that the payment could help with opioid fuel use, comments that were first reported by the Wall Street Journal and confirmed by a person familiar with the discussion. She was Other Democrats and proponents of the proposal have dismissed that concern, arguing that steps suggested by Mr Manchin, such as imposing work requirements and additional limits on who can receive money, could help families in need. will make it difficult to get the full benefits. ,

World Nation News Deskhttps://www.worldnationnews.com
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