THREAD: Let’s dig into Biden’s econ proposal. I know there are a lot of numbers to dig through, but I wanted to note something:
The American Family Act, Child Tax Credit expansion included in the Biden proposal.
It could have a massive impact towards addressing child poverty.
The American Family Act, Child Tax Credit expansion included in the Biden proposal.
It could have a massive impact towards addressing child poverty.
According to Columbia University: American Family Act will CUT Child Poverty by 40% - which is remarkable from a notable and economic stand point.
While it might sound like a big spend now, the cost to our economy long term from millions of children missing opportunities because they are born into poverty is enormous. (National Academy of Sciences estimates child poverty costs our country between $800bn-$1.1tr a year)
Currently, there are approx 27mm kids who because their parents don’t earn enough, do not get to access the full value of the child tax credit.
So middle income families get the full tax credit, but people in worst financial situation get only a fraction.
So middle income families get the full tax credit, but people in worst financial situation get only a fraction.
Biden’s plan does two things:
It makes the tax credit refundable. So even if you don’t earn enough for a tax credit, you’ll get the check sent to you as a direct payment.
It makes the tax credit refundable. So even if you don’t earn enough for a tax credit, you’ll get the check sent to you as a direct payment.
It also makes the CTC (child tax credit) bigger - currently 2k per kid.
Under this proposal, it goes to 3k per kid and 3,600 for kids under 6yrs old.
NOTE: This was originally proposed by Michael Bennett and Cory Booker
Under this proposal, it goes to 3k per kid and 3,600 for kids under 6yrs old.
NOTE: This was originally proposed by Michael Bennett and Cory Booker
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