Families are bracing for bank balances to suffer when the middle of January comes and the monthly child-tax-credit payment doesn’t.
More than 30 million households started getting up to $300 per child in July after Congress temporarily transformed an annual tax break into a near-universal monthly benefit. Families spent the money on essentials like groceries and stashed it as emergency savings, researchers found.
Democrats hailed the expansion as a simple yet groundbreaking policy that sharply cut child poverty and confidently proclaimed the credit would prove so popular and beneficial that Congress wouldn’t let it lapse.
It just lapsed. Read more…