The third payment of child tax credit will be sent out today on Wednesday 16th September 2021. These are some of the last remaining stimulus payments which are being distributed under the banner of the American Rescue Plan presented by President Joe Biden.
The child tax credit stimulus payments were initiated to be distributed among the devastated and needy families of the country who have been adversely affected by the pandemic. The Democratic lawmakers have proposed to extend the child tax credit and integrate it into permanent law but it is still a very far-fetched ideology for the time being.
The IRS stated that almost 60 million parents of America will be receiving the direct deposit checks under the third payment of child tax credit.
According to the law, children under the age of 6 will be provided $300 whereas the parents of children aged between 6 to 17 years are liable to receive $250 per child.
Various economists joined hands together in favor of continuing the child tax credit payments to the bereaved families of America. Economic experts like Gabriel Zucman, Emmanuel Saez, and the Nobel laureate Peter Diamond wrote down a letter urging lawmakers to convert the child tax credit into a permanent component of the taxation law.
The letter stated, “a permanently expanded CTC would yield tremendous immediate and long-term benefits for children and their families and would be unlikely to meaningfully reduce employment.”
Natalie Foster, the co-chairperson of the Economic Security Project also endorsed the notation of extending the child tax credit till the time coronavirus still impacts the world. She said “the bills come monthly, and so should the checks. We know that these first two checks have really impacted families in a meaningful way.”
The resurgence of coronavirus cases across the country due to the Delta variant has already raised alarms amongst the economic strategists and analysts. The resurgence has hampered the new employment as the new businesses are finding it difficult to hire new people as the future still looks bleak.
The rapidly growing unemployment and the constraining budgets accentuate that more American families will be relying on the child tax credit stimulus payments to make their ends meet. Therefore, it will be wise to continue the child tax credit checks to aid the affected families.