economy The Bipartisan Argument For Increasing The Child Tax Credit An ongoing discussion has moved from the federal to the state level. The Bipartisan Argument For Increasing The Child Tax Credit Shutterstock
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There aren’t many issues in today’s deeply divided political world that can attract support from both sides of the aisle. But when it comes to helping struggling parents, there is some evidence of bipartisanship.

A pandemic reprieve

During the peak of COVID-19 lockdowns and viral spread, the federal government was doling out money left and right to help people and businesses stay afloat. One notable example came in the early days of the Biden administration when the president expanded the child tax credit to as much as $3,600 per child.

More people qualified for the full amount and the subsidy was nearly twice as much as it had been before the pandemic.

The results were clear: Millions of children (and their families) received a boost that helped them escape poverty … at least for a while.

But when lawmakers had an opportunity to continue the increased tax credit, they declined, in large part due to pushback against the estimated $100 billion annual cost. So now parents are only able to receive a maximum of $2,000 per child, and the requirements for qualification have returned to the pre-COVID standards.

The tides are turning

While felderal lawmakers allowed the higher subsidy to expire, state-level officials in both parties are picking up the slack.

According to reports, nearly a dozen states have already advanced their own expanded child tax credits, offering more money and wider parameters whereby parents can claim the money.

While Democrats are marginally more eager to advance such plans, one survey determined that about two-fifths of GOP state senators and nearly one-third of GOP state representatives back specific forms of increased subsidies for parents.

The bottom line? It’s tough (and expensive) to be a parent … and it looks like many of our politicians have gotten the message.

Chris Agee
Chris Agee July 28th, 2023
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