Child Tax Credits: Do They Work?

This expansion has helped children in minority and rural communities raise the funds they need, even before the pandemic, according to think tanks.

Columbus, Ohio – Analysis from an Ohio-based think tank shows that expanding child tax credits has brought families who were already struggling before the pandemic began, but amid unemployment and hardship. growing childcare needs. He sank further.

NOT. Child tax credit Temporarily expanded in March as part of the Federal American Rescue Program, credits per child increased from $ 2,000 per child in 2020 to $ 3,600 per child under 6, ages 6 to 16 Increased from $ 2,000 at $ 3,000 per child.

Related: The main deadline to receive a child tax credit is Monday

Households with 17-year-olds also have a credit of $ 3,000.

The monthly payments started in July, but the credits are only valid in 2021 and the deadline for families to apply for the tax credits is November 15.

So far, $ 1.6 billion has been donated to more than 2.1 million Ohio children since July 15, with an average of $ 437 per family per month, according to federal data from the US Treasury.

Think tanks said the expansion caused children in minority and rural communities to collect the money they needed and they didn’t even have it before the pandemic.

Related: Child tax credit: will my monthly payments disappear if the government closes its doors?

“Political choices throughout the year have reduced the wages of many black, brown and rural families, limited opportunities and depleted communities,” the policy analysis said. ..

NOT. The pandemic continuedAccording to the analysis, 1.15 million adults with children said they had difficulty paying basic household expenses before the child tax credit, down 26% after the tax credit.

Citing data from the Center on Budget and Policy Priorities, the policy issue is that about 84% of households earn less than $ 35,000 per year ‘basic needs, including food, clothing, rent, mortgages and phones ”. We used a refundable child tax deduction to pay for basic needs including. “And the internet, to support their families. “

Read more about the Ohio Capital Journal

Contagious rinderpest says that 60% of people who earn more than $ 35,000 a year use credit for the same basic needs.

As with the COVID-19 pandemic, the financial recovery from the pandemic is still ongoing, so a temporary boost has improved financial security and stability.

Child Poverty Report by National Academy of Scientific and Technological Medicine Child poverty has earned the United States about $ 800 billion and $ 1.1 trillion in “lost adult productivity, increased crime costs and increased medical costs,” he said.

In particular, Political Issues recommended that Congress make the expansion permanent, in order to improve financial stability and food security through the expansion of child tax credits.

“We all benefit when our society prioritizes the health and well-being of our children and families,” one think tank said.

Child Tax Credits: Do They Work?

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