Politics & Finances

Effort to Extend Enhanced Child Tax Credit Mounts, Key Dems Involved

Effort to Extend Enhanced Child Tax Credit Mounts, Key Dems Involved

Numerous key Democratic Congresspeople have gotten involved in a mounting effort to extend President Biden's enhanced child tax credit (CTC), which played a role in reducing child poverty nationwide.

Per a new report from the Census Bureau released this week, the nationwide poverty rate fell to 7.8% in 2021, the lowest level on record. This was largely due to pandemic-related stimulus payments, including the expanded CTC. 

The Census Bureau's data indicates that child poverty fell by approximately half, with the child tax credit playing a major role. 

Business Insider spoke to Chuck Marr, vice president of federal tax policy at the Center on Budget and Policy Priorities. Marr said, "This is what policy success looks like. This was a historic achievement to reduce child poverty by a record amount driven by the expansion of the child tax credit."

Now, though, the credit is set to expire, which has led key Democrats to throw a proverbial "Hail Mary" in a bid to secure an expanded child tax credit extension for American families.

Senator Michael Bennet (D-CO) has been a particularly vocal proponent of the expanded credit, told Axios, “It is a priority for the White House and it's absolutely a priority for me. We should have never allowed it to sunset, and I think we can find a way at the end of the year."

In a statement issued Tuesday, September 13, Bennet was joined by fellow Senator Cory Booker (D-NJ) and Representatives Rosa DeLauro of Connecticut, Ritchie Torres of New York, and Suzan DelBene of Washington. In part, the statement read, "We should not extend corporate tax breaks at the end of this year without also extending the expanded Child Tax Credit."

At the time, a CNBC report shared the following details:

The proposal, called the Family Security Act 2.0, was created by Republican Sens. Mitt Romney of Utah, Richard Burr of North Carolina and Steve Daines of Montana, who describe it as a “pro-family, pro-life and pro-marriage plan.”

The proposal follows the expiration of an expanded child tax credit that gave families access to monthly child tax credit payments for the first time. That included $300 per month for each child under age 6 and $250 per month for each child ages 6 through 17.

You can learn more about the Child Tax Credit on its official White House information page.

What do you think about extending the expanded CTC?

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Rebekah Barton

Rebekah Barton

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