President Biden aims to make the $300 monthly child tax credit payments permanent to support low-income families and boost the economy, while states have enacted their own versions of the benefit as federal efforts have stalled.
Biden Pushes for Permanent $300 Monthly Child Tax Credit to Reduce Poverty and Boost Economy
According to the report of Marca, President Joe Biden wants to make the $300 monthly child tax credit payments permanent. These payments were part of his American Rescue Plan in 2021 to help low-income families during COVID-19. The plan reduced child poverty and boosted the economy, but it ended when Congress did not extend it. Biden says affordable child care helps the economy because parents can work without worrying about child care costs.
In a recent speech, Biden talked about how the child tax credit helped reduce child poverty and said he wants to bring it back for good. He noted that the $300 monthly payments per child helped families during the pandemic and stressed how important these payments are for reducing poverty, especially for marginalized communities. While the federal government has not brought back the credit, 14 states have created their versions of the benefit.
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$300 Monthly Child Tax Credit: Biden’s Bid to Permanently Boost Low-Income Families’ Economic Stability (PHOTO: Brookings Institution)
Child Tax Credit Proven to Reduce Poverty – Biden’s Plan to Reinstate Monthly $300 Payments
The child tax credit in 2021 led to a big drop in child poverty, showing it works. But after the program ended, child poverty doubled, according to the U.S. Census Bureau. This shows how important it is to keep the program going. Biden’s plan to reinstate the child tax credit shows his focus on helping low-income families and making the economy stable. By focusing on affordable child care and financial help for families, Biden aims to create a better future for all Americans.
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