The main concept of President Joe Biden’s Build Back Better plan may be excluded from the law. The question is if children and college students would pay the college and community fees.
US President Joe Biden addressed reporters if he would be able to incorporate two important aspects in the program. The childcare tax credit is one, and financial help for community institutions is another.
The initial Build Back Better Plan (BBB Plan) idea includes making community college tuition-free for two years, something Biden has pushed for since his campaign days.
CTC to Be Extended to 5 years
According to Yahoo! Finance News, the initial Build Back Better Plan featured a plan to make community college tuition-free for two years, as well as a proposal to prolong the increased CTC for five years.
The expanded tax credit, which was first established under the American Rescue Plan (ARP), provided half of the CTC in advance monthly installments to qualified families from July through December 2021.
This is a significant defeat for Biden’s planned social safety net program, as every Senate Democrat vote is required to bring the measure into law, which requires a 51-vote majority.
The law includes a provision to extend the advance monthly payments for the Child Tax Credit (CTC) that were given out earlier this year. One of Manchin’s concerns with the BBB proposal is that it isn’t clear enough about its impacts on government spending.
As previously reported by GOBankingRates, the upgraded CTC was included in the American Rescue Plan as a tool to assist families in surviving the COVID-19 epidemic.
Citizens of the united states who qualify for the expanded Child Tax Credit may get their final advance payments this week. The program will expire on December 15 unless Parliament chooses to renew it.