Today, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement in response to today’s first monthly payment of the expanded Child Tax Credit (CTC):
“The expansion of the Child Tax Credit, included in the American Rescue Plan Congress passed last spring, is the biggest investment in children and families in a generation and puts people at the center of our economic recovery. An estimated 65.6 million American children will benefit from this extra income, which when combined with other American Rescue Plan investments, is expected to lift more than five million children out of poverty—cutting child poverty in half. Beginning today, families, including those who need it most and would not have previously been eligible, will have the money when they need it: up to $300 for each child every month to help pay for things like food, housing, clothing, health care and child care.
“The historic expansion of the CTC isn’t just good for families—it is good for our whole economy. Thanks to a large and growing body of economic research, we know that investments in children are investments in our economy’s future growth and strength. Increasing family income has proved to have tangible outcomes for children, including improved health outcomes, increased academic performance and school completion rates, and higher future wages and earning potential. The evidence is clear—these are the kinds of smart investments that will pay dividends for decades to come.
“The coronavirus pandemic exposed the underlying fragilities in our economy, but with economic policies that put investments in people front and center, we can ensure a stronger, more stable, and more equitable economy.”