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Monthly child tax credit payments have had a significant impact on millions of families . According to the Census Bureau’s Household Pulse Survey, the number of families with children earning $ 50, 000 dollars or less who did not have enough to eat fell by more than seven percentage points .
For the first time, families You don’t have to wait to file your tax return to receive the Child Tax Credit . The new legislation expanded the tax credit of $ 2, 000 dollars up to $ 3, 600 dollars per child under 6 years old and $ 3, 000 dollars per child 6 years 17 years.
Families that meet the requirements now have the option to receive the 50 % of credit in the form of monthly payments from 14 July through 15 from December.
Related: Child Tax Credit : the reasons why more families are receiving the second monthly payment
How families are using the child tax credit
Families that have received the new child tax credit are using it to cover their basic needs and according to experts, is reducing the poverty of families .
In general, families are using payments for pay bills, buy food and prepare children for school .
According to the United States Census survey, the following column shows how families have used the first and second rounds of child tax credit payments:
- Food 20.2%
- Payments to public services 09. 9%
- Clothing 12. 0%
Related: Tax Credit for Children: how to change your address to avoid problems in payments of the IRS
The tax credit is reducing poverty
A study conducted by the Center on Budget and Policy Priorities estimates that the new temporary extension of the child tax credit will reduce the poverty rate by almost one 50% and will lift 4.1 million children out of poverty this year .
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