To supporters of the child tax credit, there has always been an 'aha moment'—the recognition that as little as a few hundred dollars a month could be life-changing.
The bump will put about $90 more a month into the accounts of recipients, with increased benefits beginning in late December and early January.WASHINGTON -- To supporters of the child tax credit, there has always been an"aha moment" — the recognition that as little as a few hundred dollars a month could be life-changing.
Despite the concession, the president is still fighting for a legacy-making policy that could become the equivalent of Social Security for children. Biden dubbed the start of payments in July as “historic,” saying that the reduction to child poverty would be transformative and that he intended to make the credit permanent.
For the purposes of the federal budget, it is a tax cut aimed squarely at the middle class as median family incomes are at $86,372. The credit's evolution since being created in 1997 speaks to the power of using the tax code for social policy. Republicans made it part of their 1994 “Contract with America,” a list of polices that former Georgia Rep. Gingrich rode to the House speakership. Gingrich said in an interview that former Illinois Rep. Henry Hyde, a staunch abortion opponent, emphasized that the GOP needed to show that it cared about children after they were born, not just when they were in the womb. The tax credit was the chosen vehicle.
“It’s a policy that’s been transformed from one that encourages self reliance and work to one that doesn’t,” said Bruce Meyer, the University of Chicago professor who co-wrote the analysis.
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