2022-11-25 10:00:19

The Expanded Child Tax Credit Is Gone. The Battle Over It Remains.

Logo The New York Times
The New York Times
By Jason De Parle

A pandemic-era program that sent monthly checks of up to $300 per child to most families drove down poverty rates. Amid new research about its merits, some Democrats are vowing to bring it back.

WASHINGTON When the history of American hardship is written in some distant decade, two recent events may capture the whipsaw forces of the age.

Child poverty fell to a record low. And the program that did the most to reduce it vanished.

The story of that temporary program technically, a tax-credit expansion but more plainly a series of monthly checks to most families with children was extraordinary in every way. A guaranteed income in a country long resistant to one, the expanded child tax credit emerged from obscurity to win support from most of the Democratic Party, aided millions of low- and middle-income families during the pandemic and helped cut child poverty nearly in half.

Then it died, as President Bidens efforts to preserve it drew unified Republican opposition and the defection of a crucial Senate Democrat. Critics called the monthly payments of up to $300 per child an expensive welfare scheme that would deter parents from working by providing cash aid regardless of whether they had jobs.

Continue read on nytimes.com

Logo Nasdaq
Business / FinanceBy The Motley Fool2022-11-23 14:32:16
Image source: Getty Images It's fair to say that 2022 has been a tough year financially for a lot of parents. And the reason largely boils down to a...

Business / FinanceBy Lorie Konish2022-11-22 20:05:04
Key Points The child tax credit of 2021, which was more generous and available to more families, has expired. Now, an estimated 19 million children receive...

Logo Nasdaq
Business / FinanceBy The Motley Fool2022-11-18 14:32:19
Image source: Getty Images The Child Tax Credit has been around for a long time, but in 2021, it got a pretty amazing boost. The maximum value of the credit...

Logo U.S. News & World Report
PoliticsBy Associated Press2022-11-24 17:21:37
By LEAH WILLINGHAM, Associated Press A Tennessee judicial panel has upheld the states school voucher law, which allows public tax dollars to be given to...

Logo RealClearPolitics
PoliticsBy Jeb Bush2022-11-24 13:42:41
Ducey’s Record: A Model for Governors By Jeb Bush November 22, 2022 Next year, nearly all of Arizona’s 1 million students will qualify for Arizona’s...

Logo Nasdaq
Business / FinanceBy The Motley Fool2022-11-24 10:05:00
Social Security moved more than 26 million Americans out of poverty last year, according to the Census Bureau, making it the most important anti-poverty...

Logo Nasdaq
Business / FinanceBy The Motley Fool2022-11-17 14:32:19
Image source: Getty Images Last month's edition of the Journal of the American Medical Association (JAMA) confirmed what dozens of other studies have found:...

Logo The Guardian
PoliticsBy Peter Walker2022-11-24 22:00:39
Jeremy Hunts autumn statement is expected to bring further degradation of public services, with even those given extra funds, such as schools and the NHS,...

Logo PR Newswire
HealthPress Release2022-11-24 18:24:00
OTTAWA, ON, Nov. 24, 2022 /CNW/ - Now, more than ever, increased access to high-quality, affordable, flexible and inclusive early learning and child care is...

Logo Benzinga
Business / FinanceBy Pr Newswire2022-11-23 18:31:00
Gifts from nonprofit catalog help children around the world fight hunger, climate change and more RICHMOND, Va., Nov. 23, 2022 /PRNewswire/ -- As people...

Logo Nasdaq
Business / FinanceBy The Motley Fool2022-11-24 11:40:00
The U.S. consumer has been in a place of strength since the pandemic started in early 2020. It may sound counterintuitive, given that during the early months...

Logo Nasdaq
Business / FinanceBy The Motley Fool2022-11-24 06:00:30
Image source: Getty Images Thanksgiving is normally a time for big celebrations and abundance. But spiraling living costs mean it will be difficult for some...

Logo The Business Journals
Business / Finance2022-11-23 17:59:18
As the Federal Reserve tries desperately to bring down the rate of inflation, consumers are using a previously-used tactic to finance and offset higher costs...

Logo Nasdaq
Business / FinanceBy The Motley Fool2022-11-16 18:00:13
Image source: Getty Images In March 2021, lawmakers approved the American Rescue Plan, a massive spending bill that was designed to provide relief during the...

Logo Benzinga
Business / FinanceBy Bibhu Pattnaik2022-11-24 20:42:46
With holidays around the corner, Americans are set to go shopping but inflation and rising prices have taken a toll. According to recent data, consumers in...

Logo The News Letter
PoliticsBy Philip Bradfield2022-11-24 22:27:01
Mr Heaton-Harris said the department would receive a cash increase of 286m compared to last years baseline, but that it would need to take action to live...

Logo PR Newswire
TechnologyPress Release2022-11-24 13:00:00
NEW YORK, Nov. 24, 2022 /PRNewswire/ -- According to Technavio, the global Debt Collection Software Market size is projected to grow by USD 1614.02 million...

Logo CBC
PoliticsBy Joseph Tunney2022-11-25 09:00:00
The public inquiry investigating the federal government's unprecedented use of the Emergencies Act in February has seen a huge number of documents that...

Logo The Economist
Business / FinanceBy The Economist2022-11-24 11:20:30
A housing crash sent the global economy into recession between 2007 and 2009. But three countriesAustralia, Canada and Swedencruised through the commotion....

Logo Daily Mail
Business / FinanceBy Tanya Jefferies2022-11-25 07:00:46
People making withdrawals from retirement pots have had to reclaim 925million in overpaid 'emergency tax' since pension freedom reforms were introduced in...