Starting today 39mil families will see money in bank accounts through the #ChildTaxCredit from the American Rescue Plan. To the mother of an autistic child I met last week struggling to buy groceries, this is for you. Here is what you can expect. whitehouse.gov/child-tax-cred… (THREAD)
CUT CHILD POVERTY IN HALF: Tragically 1 in 6 kids lives in poverty. That’s nearly 11M kids in the richest most powerful nation. This tax credit can lift 5mil+ out of poverty. This expansion will cover around 90 percent of all children in America. That is help for 65M children.2/6
IN YOUR POCKET NOW: Unlike in other years, you’ll receive monthly installments of the tax credit directly, instead of waiting for your tax return. That means that mother I met can put food on the table right now. 3/6
SCALED UP: Those monthly payments will be $250 a month for kids 6-17 and $300 a month for kids 6 and under. In my district, that’s an average of $2700 per child for the rest of the year. 4/6
There are too many families who simply can’t make ends meet, or who are barely getting by. I’ve met so many parents who just want the same thing I do: to give our kids a good and decent life. The Child Tax Credit won’t solve all those problems, but it’s an important start. 5/6
If you want to learn more about what you will get, visit the IRS website. This is a big deal because our kids are a big deal. Because this is our future, and we don’t invest in it now, we’ll regret it always. irs.gov/credits-deduct… END
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