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Washington D.C. – Today, after extensive bipartisan negotiations, Congress announced a tax deal that would expand the Child Tax Credit (CTC). The tax deal comes at an urgent time as families navigate high costs of living. Congress should move quickly to finalize the tax agreement so families can benefit from this much  needed relief this tax season. Adam Ruben, Director of Economic Security Project Action stated:

We applaud congressional leaders for the proposed Child Tax Credit (CTC) expansion that will provide critical tax breaks for the parents of 16 million children in low-income families. Expanding the Child Tax Credit would help offset rising costs and acute affordability challenges families face today. The proposed bipartisan tax deal significantly helps low-income families and will lift half a million kids out of poverty.  Congress should move quickly to finalize this deal so that families receive this much needed support this tax season. 

This expansion of the CTC is a critical first step in providing families with the tools needed to navigate uncertainty and provides a stopgap before the CTC expirations that will take place in 2025. This proposal represents all of the hard work by leaders in Congress including Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), as well as leadership from both sides of the aisle who are committed to putting families first. 

This expansion is one step towards delivering for families and we will continue to work to build on this over the next year to ensure every family has the resources they need in 2025. We remain committed to working with members of Congress to strengthen the CTC and recognize the unfortunate tradeoff being made that positions corporate tax breaks in parity with our nation’s families and children. We stand united with advocates, veterans, the faith community, parents, caregivers, and small business owners calling on Congress to quickly finalize this deal. 

Economic Security Project Action mobilizes resources and people behind ideas that build economic power for all Americans. As an ideas advocacy organization, we legitimize our issues by supporting cutting edge research and elevating champions, win concrete policy victories for the communities that need to see change now, and provoke the conventional wisdom to shift what’s considered possible. Our team of academics, organizers, practitioners and culture makers disburse grants, run issue campaigns, develop creative interventions and research products to support the field, and coordinate events to encourage investment and action from others.