Child tax credit 2021 update – IRS warning payments will fall from $3,600 to $1,000 as credit is extended until 2022

THE value of the child tax credit could drop by more than two-thirds to $1,000 per child from a maximum of $3,600, according to reports. If Congress doesn’t act, the amount could plunge in 2026 due to both a 2017 tax law passed by Congress at that time and the American Rescue Plan passed in March by the current Democratic majority there, CNBC reported. Those laws only temporarily raised the value of the credits, the outlet noted. Since the 2017 law, known as the Tax Cuts and Jobs Act, raised it through 2025, it is poised to revert to its… Read Full Article