Results of the CTC, how the Child Tax Credit has benefited families so far

Results of the CTC, how the Child Tax Credit has benefited families so far

  • mdo  Admin
  •   Articles
  •   September 4, 2021

What is the CTC? It stands for Child Tax Credit, learn more about it here.

Below are some headlines and quotes of how the Child Tax Credit is making a positive impact for U.S. families. Updated September 12, 2021

  • According to the U.S. Census Bureau's Household Pulse Survey, there has been a decline in the number of households with children that reported insufficient food. (Source)

  • The Salvation Army saw a slight decline in food needs, one month after advanced child tax credit. (Source)

  • July’s Child Tax Credit Cut Child Poverty Rate 25% (Source)

  • A drop in the number of households with children that reported food insufficiency and trouble paying household expenses may be linked to the child tax credit checks issued last month, according to new Household Pulse Survey (HPS) results. (Source)

  • A new analysis from the conservative-leaning Niskanen Center finds that the expansion of the child tax credit pushed through by the Biden administration will provide significant benefits to the broader economy, especially in rural America. (Source)

  • Before the first tranche of tax credit payments hit bank accounts in mid-July, about 11 percent of households with children reported that they sometimes or often did not have enough to eat in the past week. After the money went out, the rate dropped to just over 8 percent — a decrease of nearly 24 percent — and the lowest rate recorded since the beginning of the pandemic. (Source)

  • People are using the funds to meet their most basic needs: food, shelter and safety. (Source)

  • Expanded Child Tax Credit Will Inject More Than $18.6 Billion Into Local Economies Each Month (Source)

  • A new survey shows retail sales grew nearly 11% in July. That survey, Mastercard's SpendingPulse study, marked the 11th consecutive month of growth, pointing to the fact that much of that was fueled by the child tax credit. (Source)

  • According to Bank of America Global Research households that received the Child Tax Credit "got a temporary boost to spending following the distribution".

  • According to ABC News families are paying off rent, food, and debts with the child tax credit.

Fighting Chance for Families: We just launched the @ExpandCTCbot, a Twitter account that automatically shares responses from voters about how the expanded #ChildTaxCredit has benefitted them — demonstrating how it's helping millions of families make ends meet & why we must make it permanent. (More Details Here).

These are a few reasons why the CTC should be made permanent. The Building An Economy For Families Act aims to permanently extend the refundable worker-and-family-focused tax credits included in the American Rescue Plan, including the Child Tax Credit (CTC), Earned Income Tax Credit, and The Child & Dependent Care Credit.

Follow Fighting Chance for Families and show your support with the hashtag #MakeCTCPermanent and #BEFAct

Making the CTC Permanent would empower families and children so that their children are better prepared to meet the many challenges facing them in the future.

Follow: @digicenorg

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