Low- and moderate-income working families in the US face many problems, such as poverty, poor health, and work-related problems. The US government runs many federal schemes to benefit those people and one of those schemes in this context is a child tax credit.
Under the child tax credit program, millions of low- and moderate-income working families get certain benefits. Additionally, the program helps eradicate poverty and improve the overall lifestyle of low and moderate families in the US.
According to the Statista report, the number of low-income families in the US from 1990 to 2019 stands at 6.5 million. They lack basic services, health care, and education, making their lives miserable. To apply for the child tax credit program, low-income families must meet certain criteria.
Families eligible for the child tax credit program can easily get $ 2000 per child in taxes. Families with a child 17 or older can apply for a child tax credit using Form 1040. The child tax credit program helps improve the educational outcomes of young children from low-income working families.
Through this program, your children get a better education by attending schools and universities. In addition to rewarding work and reducing poverty, the Child Tax Credit helps improve the overall standard of living for poor working families in the US.
Under the American Rescue Plan Act of 2021, the child tax credit helps taxpayers support their families. In addition, it also helps reduce about 45% of American children living in extreme poverty in various parts of the U.S. Recently, the federal government increased the tax credit under new rules to benefit the poor in the United States. United.