Expanded child tax credit could become permanent — if Dems get their way

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DENVER (KDVR) — Starting July 14, the IRS will be sending the expanded child tax credit payments to millions of families.

While lawmakers on Capitol Hill agree childhood poverty is an issue in America, Republicans are concerned about the price tag to bump child tax credit payments up to $300 a month per child under age six.

Now, Democrats who back the bill, including U.S. Sen. Michael Bennet, are pushing to make the increased payments permanent.

“Even if we extend the child tax credit payment for a few years, that would still be a tremendous achievement for our kids and for our families. But if we can make it permanent, that would be a historic victory for America, no less important than what we did with social security or Medicare,” Bennet said.

These payments will provide extra money each month through the end of the year, but lawmakers and advocates say that is not long enough.

Sue Renner is the executive director of the David and Laura Merage foundation and an advocate for continuing the expanded payments. She said while the few extra dollars may seem small, it could make a world of difference for working families paying for childcare.

“The average childcare expense is about $8,300 per child, per year. Keep in mind, that’s all different types and forms of home childcare — an aunt or uncle providing the care all the way through to a more center-based care. So, if you consider that average amount, this will cover 40 percent of that,” Renner said.

If you qualify for the credit and filed your taxes, the IRS will put that money in your account. For the first time, they are also rolling out a tool for people have who have not filed so they can sign up for the payments.

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