Stimulus Update: Boosted Child Tax Credit Was Instrumental in Shoring Up Savings, Data Shows

Stimulus Update: Boosted Child Tax Credit Was Instrumental in Shoring Up Savings, Data Shows

Not only did it allow for a round of stimulus checks worth up to $1,400 apiece, but it also boosted the Child Tax Credit and changed the way the credit was paid. The credit also became fully refundable, meaning a family could collect it in full even with a $0 tax liability. President Biden initially sought to keep the boosted Child Tax Credit in place for 2022.