Today, Americans woke up to good news that could improve the lives of 16 million children. At The Rockefeller Foundation, we believe the expanded Child Tax Credit (CTC) contained in the U.S. House of Representatives Tax Bill will have a profound impact on American families.
We have all seen that the CTC works: when expanded during the Covid-19 pandemic, it halved child poverty in the United States. While the current expansion is smaller, it represents a crucial step towards ensuring that the CTC benefits children in families with low incomes. The Center on Budget and Policy Priorities, a partner of The Rockefeller Foundation, estimates that the current proposal would strengthen the financial stability of at least 16 million children who do not currently receive the benefit of the full Credit. That will mean fewer kids go hungry, more students stay in school, and more money can be spent in local communities.
It is heartening to see so many agree. This is a good day for the most vulnerable Americans among us, their families, and our communities.
