Expanded Child Tax Credits Expected to Lift 4 million US Children Out of Poverty
This week, the IRS began issuing the first-ever monthly installments of the expanded Child Tax Credit. Under the American Rescue Plan, families can choose to receive monthly payments in place of an annual lump sum. This change will help families cover real-time expenses throughout the year.
Key impacts from the American Rescue Plan:
Over 4 million children will be lifted above the poverty line.
27 million children will have access to new resources.
An estimated total of 65 million children will be positively impacted by monthly installments.
Read More About the Impacts of the Child Tax Credit Expansion Below.