IRS through the expanded child tax credit are facing their first month since July without cash from the federal program, even as inflation soars to the highest level in a generation.
Democrats temporarily expanded the child tax credit in early 2021 as part of a sweeping coronavirus relief package, but it expired at the end of 2021.
Under the expansion, low- and middle-income parents could receive up to $3,000 for every child ages 6 to 17 and $3,600 for every child under age 6.
The payments were income-based and began to phase out for individuals earning more than $75,000 and married couples earning more than $150,000.The first half was delivered in monthly payments from July to December with $300 for children under the age of six and $250 for those ages 6 to 17, but the last check was mailed out last month.