YAHOO MONEY: Child Tax Credit: Families get their last payment as its future remains uncertain

By Janna Herron | December 15, 2021

The Internal Revenue Service is delivering the last monthly Child Tax Credit (CTC) payment Wednesday as the future of the tax benefit hangs in the balance on Capitol Hill.

The agency sent out $16 billion to the families of 61 million children, according to the Treasury Department, distributing approximately $93 billion to households across the country since the payments started in July.

“Since July, monthly payments of the Child Tax Credit have helped millions of families pay for essentials such as food, childcare, and other household needs as those expenses arise,” said Treasury Secretary Janet Yellen in a statement. “The lives of tens of millions of children across the country have improved because families have received tax relief when they need it most.”

The expanded tax credit — which has been credited with sharply reducing child poverty — is set to expire after this year unless it's extended in new legislation, a move the White House supports.

…

“The expanded Child Tax Credit is one of the largest-ever single-year tax cuts for families with children, helping to offset household costs when families need it most," Rep. Don Beyer (D-VA), who is also the chair of the Joint Economic Committee, said in a statement. "During this strong but uncertain recovery, the advance CTC payments have been a critical lifeline, bolstering household incomes for families across the country."

Read the full article here