Just one child tax credit payment reduced financial anxiety for 56% of families investinyou (In partnership with acorns.)
"This is exciting in many ways because it's a real opportunity to seriously address and slash poverty, particularly child poverty, in the U.S.," said Otis Rolley, senior vice president of the U.S. equity and economic opportunity initiative at the Rockefeller Foundation., 45% of parents spent the first payments on groceries, 44% on school supplies, 38% on savings and 36% on household bills.
The enhanced child tax credit, including monthly payments, is currently only for the 2021 tax year, meaning that the benefits could reverse if it is not extended. But Democrats want to keep the extra benefit around for longer. Extending the enhanced child tax credit,, is included in the $3.5 trillion budget proposal released in early August.
House Democrats are looking to move forward with the budget resolution as soon as next week, as they simultaneously work to approve a $1 trillion infrastructure plan.
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