The United States continues to send money! Child tax credit will be extended to 2024

During the pandemic, the US government has been distributing cash benefits one after another, and many sellers have also seen an increase in orders. However, as the year is coming to an end, some cash benefits, such as unemployment benefits, will also be discontinued. The second half of the year is also the traditional peak season for cross-border e-commerce. Many sellers are worried that without subsidies, can Americans continue to "buy, buy, buy"?

But there is good news. According to foreign media reports, Senate Democrats are considering extending the child tax credit until 2024. But if the aid period is extended, the scale of aid may be reduced to reduce costs and gain more support from Democrats.

The news was revealed by a Democratic aide, who further revealed a detailed plan that the Senate is discussing extending the child tax credit until 2024, but the subsidy amount will be reduced to $2,000 per year. Previously, for children aged 6 to 17, the tax credit subsidized $3,000 per child per year, and for children under 6, the subsidy was $3,600 per child per year. But families who owe little or no taxes will permanently receive the full subsidy, which is the so-called "full refund."

The Senate Finance Committee has allocated $385 billion to extend the child tax credit, as well as two other programs, the Earned Income Tax Credit and the Child and Dependent Care Tax Credit, according to a person familiar with the matter.

Previously, the child tax credit has stimulated a wave of consumption, and retailers including Walmart and Best Buy said that consumption has driven sales in their stores after consumers received stimulus checks. For online sellers, the effect of the US government's subsidies is also immediate, and orders often surge.

Some retailers said that most American families will use the child tax deduction for back-to-school shopping. According to Etsy's statistics, the search volume and sales volume of teacher gifts, school supplies, toys and other products have increased recently.

With the end of the back-to-school season, Halloween, Christmas, Black Friday, Cyber ​​Monday and other festivals are about to arrive, and related holiday gifts and products will also usher in a surge in orders, so sellers can pay attention to them.

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Child Tax Credit

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