As families face rising costs, it’s important to remember how important the Expanded Child Tax Credit (CTC) has been for children and families.
According to a recent Brookings Institution study, the 2021 changes to the CTC, including the monthly payment, had a profound impact. Child poverty fell by 40%.
CTC recipients lived healthier lives, invested more in their children’s education, and were less likely to need payday loans. Families spent their CTC payments on rent, food and clothing for their children – the same costs that are now rising for all of us.
However, some lawmakers have halted an extension of CTC payments. As a result, 3.7 million children fell below the poverty line in January. And in 1.4 million CTC households, parents have left their jobs because they can no longer afford childcare.
Economists say extending the CTC is crucial to help families facing rising costs from inflation. How much more evidence does the legislature need before doing the right thing?
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RESULTS Oklahoma volunteers are calling on U.S. Reps. Kevin Hern, Markwayne Mullin, Frank Lucas, Tom Cole and Stephanie Bice, and Sens. Jim Inhofe and James Lankford to extend the CTC with permanent full refunds and resume monthly payments immediately.
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