“Those expansions were really exciting to see being revived in the president’s budget. ![]() While the budget itself has little chance of becoming law with the GOP in control of the House of Representatives, the CTC’s inclusion may rekindle debates over its merits, especially as inflation continues to erode more budgets, credit card delinquencies start to rise, and government food aid shrinks. That could change after President Biden included the CTC in his annual budget released this month. The enhanced credit - which increased the amount of the tax benefit and doled out half the credit in advance in monthly installments in 2021 - expired at the start of 2022 with little political muscle to make the pandemic-era changes permanent. “The credit helped me start catching up again and then it disappeared and inflation went up,” he said. “My wife is at home basically as a single parent with two kids, and I’m out here just making money and living in the truck.”Īnother factor that’s compounded Harper’s money struggles in the last year: No more monthly Child Tax Credit (CTC) payments. ![]() Now I have to spend all this time away from my family just to pay the bills,” the Arizona resident told Yahoo Finance while on the road in South Dakota. “I had to switch careers last year to become a truck driver, because my old job could not pay my bills anymore. Inflation, especially, has eaten into his paychecks that support his family of four. The last year has been a difficult one financially for 44-year-old Rocky Harper.
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