Dec 17 2021
Estimates of Advance Child Tax Credit Distribution by Congressional District (December 2021)
Using state-level data from the Treasury Department on advance Child Tax Credit (CTC) payments, the Joint Economic Committee estimated the number of qualifying children, total number of payments and total payment amount by congressional district in December 2021, when the sixth round of CTC payments was distributed, as well as the cumulative payment amount by congressional district from July through December 2021. To mark six months of advance CTC payments, the JEC released a review of the evidence showing the economic benefits for 61 million children, 36 million families and the overall economy.
Each month, the Bureau of Labor Statistics (BLS) releases national and state-level data on U.S. employment, which provide useful information about the state of the labor market and progress toward building back better.
The expansion of the CTC, included in President Biden’s American Rescue Plan, is one of the largest-ever single-year tax cuts for families with children. It dramatically increased the value of the CTC from $2,000 per child to up to $3,600 per child under age 6 and $3,000 per child between age 6 and 17, putting money in the pockets of low- and middle-income families to pay for household expenses like food, rent, utilities and child care.
The Build Back Better Act will reduce costs and cut taxes for working families, make critical investments to grow the economy, promote shared prosperity and increase revenue by asking the wealthiest Americans and the most profitable corporations to pay their fair share. Passing the fully paid-for Build Back Better Act, in addition to the recently enacted bipartisan Infrastructure Investment and Jobs Act, will support sustained economic growth, increase productivity, create jobs and reduce long-term inflationary pressure.
Dec 10 2021
Economic Update - December 10, 2021
Dec 06 2021
Inaction On Climate Change Will Have Devastating Consequences For The Economy, Families, And Communities
Failure to address climate change will prove catastrophic. The economic and social costs are enormous. Climate change will increase the frequency and impact of natural disasters such as hurricanes and floods, and increase the likelihood of unbearable heat and droughts. From an economic point of view, a hotter planet will make workers and agricultural land less productive, slowing economic growth and lowering living standards over time. All Americans will bear the costs of climate change, and the small fraction of the global population that has not yet been affected shrinks every day. Unchecked, these costs—which disproportionately impact marginalized communities—will continue to compound, harming working families through reduced wages, property loss, and worse health outcomes.
Dec 03 2021
Economic Update - December 3, 2021
Using state-level data from the Treasury Department on advance Child Tax Credit (CTC) payments, the Joint Economic Committee estimated, by congressional district, the cumulative total CTC payment amounts in 2021 and the number of eligible children receiving the benefit at year’s end. Advance CTC payments began on July 15 and were authorized to continue each month through the end of the year. JEC estimates are based on data available through November 15.
