For the past six months, 36 million families have received a monthly check from the IRS through Child Tax Credit. The purpose of the Child Tax Credit is to ease the costs of raising children.
According to CBS News, many parents are worried about the added costs from inflation and being unable to rely on these extra benefits. This comes as President Joe Biden’s Build Back Better Act remains in limbo, as it has not been passed by Congress. Therefore families will not be receiving a check for January.
Stormy Johnson, 44, a single mother of three who relies on this payment to care for her children said about the news: “The CTC went away, but grocery prices haven’t gone down. Now that I don’t have that payment, the reality of life is that there will be times I won’t eat to make sure my kids can.”
She currently brings home $2,200 a month after taxes, and pays $1,600 in rent, car payments, and car insurance. After other bills and utilities, she is left with about $50 a month. Johnson stated, “That payment they are taking away just put a lot hurting on a lot of folks.”
According to CNBC, half of those receiving these benefits reported that it will be more difficult for them to meet their family’s basic needs. Thirty-six percent reported that they won’t be able to meet these needs at all (ParentsTogetherAction). Overall, many will be feeling the hurt after the lack of additional funds.
ARTICLE: JILLIAN WEIDNER
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: TIME.COM