As Americans file their taxes, it’s important to remember how important the expanded Child Tax Credit (CTC) has been for children and families.
Changes to CTC in 2021, including sending it as a monthly payment, have had a profound impact, according to new research from the Brookings Institution. Child poverty has fallen by 40%. CLC recipients led healthier lives, invested more in their children’s education, and were less likely to rely on payday loans. Families spent their CTC payments on rent, food and clothing for their children, with the same costs rising for all of us now.
But some lawmakers have halted an extension of CTC payments. As a result, 3.7 million children fell below the poverty line in January. And 1.4 million CTC households quit their jobs because they can no longer afford childcare.
Economists say expanding the CTC is key to helping families facing rising costs from inflation. How much more evidence do lawmakers need before they do the right thing?
I call on our members of Congress to extend CTC with a permanent full refund and resume monthly payments immediately.