BREAKING: House passes $1.9T Covid relief bill that includes $1,400 checks, $300/wk jobless benefits, child allowance of up to $3,600 for one year, $125B for K-12 schools, $30B for public transit, $25B for rental assistance, $14B for vaccine distribution. https://t.co/C3JQIXquMx pic.twitter.com/xcyV3nXqO4— NBC Politics (@NBCPolitics) March 10, 2021
That's a big part of the change. Earlier the child tax thing was a normal tax credit, meaning you had to be taxed in the first place to benefit from the tax cut. So it missed a ton of people
Now the child tax credit is refundable, meaning you get it even if you don't owe any tax. So the $7,700 figure is probably stimulus checks + child tax credit
Wait, how much are people under $25K/year being taxed?
That's a big part of the change. Earlier the child tax thing was a normal tax credit, meaning you had to be taxed in the first place to benefit from the tax cut. So it missed a ton of people
Now the child tax credit is refundable, meaning you get it even if you don't owe any tax. So the $7,700 figure is probably stimulus checks + child tax credit