35.2 million families just received their first monthly child tax credit: Economics
According to the U.S. Department of the Treasury and the Internal Revenue Service, in the first of six prepaid child tax credits, approximately $15 billion has been issued to 35.2 million families. The agency stated that the average payment in the first round was US$423, which would benefit nearly 60 million children.
Half of the money will be used as an advance payment for the 2021 tax credit, which will be paid monthly from July to December-the second half will be collected when the family file tax returns next year. For families receiving full benefits, children under the age of 6 pay $300 a month, and children 6 to 17 years old pay $250 a month.
There is no limit to the number of eligible children who can receive the credit.For example, a family with 3 children aged 5, 8 and 10 who are eligible for full credit will receive $800 per month
Honestly, I’m not sure if this is a good thing. I know children are expensive, but should we subsidize those who choose to own them? Especially for billions of dollars of music. In addition, there is no responsibility for where the money can be spent. What do you think?