Americans Want a Fully Refundable Child Tax Credit, a New Poll Finds.
The IRS and Treasury Department are expected to begin monthly distributions of the child tax credit on July 15.
According to a new poll, a narrow majority of Americans believe that the federal child tax credit included in President Joe Biden’s coronavirus relief measure should be made completely refundable.
According to the Hill-HarrisX survey, 51% of respondents believe the credit should be entirely refundable.
Around 54% of respondents said they oppose increasing the child tax credit is amount, and 53% said they oppose sending monthly payments until the end of the year and the remainder of the credit when they file their 2021 taxes in 2022.
Biden’s $1.9 trillion American Rescue Plan increased the child tax credit from $2,000 to $3,000 and increased eligibility to $3,600 for parents with children under the age of six. Additionally, the measure makes the credit available to parents of children under the age of seventeen.
From July to December, parents with children under the age of six will get $300 monthly payments per child, while those with children between the ages of six and seventeen would receive $250 monthly payments per child. The remainder of the funds can be claimed next year when they file their taxes.
However, recipients may elect to forego regular payments and obtain the credit in one single sum.
Individuals earning up to $75,000, joint filers earning up to $150,000, and heads of households earning up to $112,500 are all entitled for the full enhanced credit amount. After that, the amount will be reduced by $50 for every $1,000 in income exceeding these ceilings.
Although the IRS assessed child tax credit eligibility based on 2019 and 2020 tax returns, families can amend information such as income, marital status, and dependents using an online site.
Around 44% of respondents claimed that some families qualifying for the child tax credit do not need it, while 30% said that some families who are not qualified for the credit need. Almost one-fourth of poll respondents stated that the credit is going to the parents who most need it.
Beginning July 15, the IRS and Treasury Department are slated to begin monthly distributions of the child tax credit, followed by August 13, September 15, October 15, November 15, and December 15.
From June 7 to 9, the Hill-HarrisX poll polled 839 registered voters online. It has a margin of error of 3.18 percentage points plus or minus.