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by Christy Bieber | Published on Jan. 2, 2023
Image source: Getty Images
If you're hoping for more stimulus money, you should check this tweet out.
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On Dec. 31, 2022, President Joe Biden sent out a tweet celebrating the accomplishments of his administration. The president indicated that "we signed historic legislation to lower costs for working families and seniors, help keep our communities safe from gun violence, and create good-paying jobs across the country."
The first part of the president's tweet, however, could be of special interest to those who are hoping more stimulus money will hit their bank accounts in 2023.
Although the president's tweet was optimistic and positive about all the steps that have been taken to help individuals and families, the first part of his statement makes clear that there is more on his agenda.
"We've got more work to do," the president said.
Although he did not elaborate on the specifics of this statement in his tweet, he likely was referring to some of his unfulfilled priorities that were included in the Build Back Better legislation that was proposed throughout the first part of his term but that did not pass.
Build Back Better contained many different provisions, but one of the most important was the extension of the expanded Child Tax Credit.
Biden had campaigned on this credit, and it was included in the stimulus relief bill that his administration passed to help families out during COVID-19. Many Democrats have expressed their support for continuing it, and it is one of few possible forms of stimulus relief that could potentially have bipartisan support.
If Biden continues to push for the expanded Child Tax Credit, and if some Republicans get on board, there's a very real possibility that parents will get more stimulus money in 2023.
The expanded Child Tax Credit did not offer direct payments to as many people as some of the other stimulus checks did. But, parents received generous assistance. The American Rescue Plan Act offered parents $3,600 per year for children under age 6 and $3,000 per year for children aged 6 to 17. The credit was fully refundable, and half the money was deposited into bank accounts throughout the year with the rest claimed upon filing tax returns.
There's no guarantee the credit will be expanded this year and, in fact, it's likely an uphill battle since Republicans are taking control of Congress and those on the right have different ideas of how this credit will work.
Still, Biden's acknowledgement that there is more to be done to help families should be an encouraging sign for those hoping for this type of stimulus aid.
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Christy Bieber is a personal finance and legal writer with more than a decade of experience. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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