Washington, D.C. — The Center for American Progressed issued the following statement on Sen. Michael Bennet’s (D-CO) introduction of the Child Tax Credit Improvement Act. The bill reflects CAP’s call for Congress to strengthen the Child Tax Credit, or CTC, to help children and families step back from the financial brink and promote long-term economic mobility. Melissa Boteach, Vice President of the Poverty to Prosperity Program at CAP, stated:
We applaud Sen. Bennet for introducing an important package of reforms to strengthen the Child Tax Credit. For decades now, American workers have been experiencing stagnant wages, yet the costs for working families continue to climb. New CAP analysis shows that child-related costs account for nearly 70 percent of this middle-class squeeze, leaving families with infants and toddlers particularly stretched at the time when income matters most for their children’s long-term development.
CAP has championed reforms such as making the CTC more fully available to low- and moderate-income families, ensuring its value does not continue to erode due to inflation, and providing a boosted young child tax credit. These are critical enhancements to support the anti-poverty power of the Child Tax Credit and lift up children’s future employment, education, and health outcomes.
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For more information on this topic or to speak with an expert, contact Liz Bartolomeo at [email protected] or 202.481.8151.
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