Political | Process

Without the child tax credit, parents are worried about having enough money to eat.

Tweet

• 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.

• The full expanded credit went to households with incomes up to $75,000 for individuals, $112,500 for many single parents and $150,000 for married couples. Families spent the money on essentials like groceries and stashed it as emergency savings, researchers found.

• Stormy Johnson, 44, works as a student support specialist in Preston County Schools in Kingwood, West Virginia. Since July, she’s been receiving an additional $500 each month through the enhanced child tax credit for her two children, Violet, 14, and Tristan, 13, whom she parents alone.

• That money has helped the family stay afloat. In the last year, they had to move due to a fire and Johnson had to get a new car after the engine in hers blew out.

• With the rising costs of housing and vehicles, she now has $1,400 more in expenses each month than she had to pay last year, she said.

SOURCE: CNBC – WSJ