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April 13, 2023
Analysis from Columbia University’s Center on Poverty and Social Policy suggests the Biden Administration’s child tax credit kept three million children out of poverty within its first month of implementation.
According to the report, America’s poverty rate decreased by 25 percent in the span of one month. In June, it was nearly 16 percent and by July, after the program began, it dropped to 12 percent. The researchers wrote, “If all likely-eligible children are covered, it has the potential to reduce monthly child poverty by up to 40 percent on its own; in combination with all COVID-related relief, it could contribute to a 52 percent reduction in monthly child poverty.”
The drop in poverty can be attributed to the $15 billion that was paid to families in the first monthly installment of the initiative, per the US Treasury. In July the newly expanded credit was sent to some 39 million families with about 65 million kids, according to the IRS. The Biden administration expanded the credit with the intent to reduce the number of children living in poverty by 45 percent.
FBA previously reported, “The expanded credit was established in the American Rescue Plan signed into law in March. In 2021, the maximum enhanced child tax credit is $3,600 for children younger than age 6 and $3,000 for those between 6 and 17.”
ARTICLE: ANTOINETTE AHO
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: UBI CENTER