Cash Tax Credits

Expanding the Child Tax Credit is the Best Way to Give Families Relief from Rising Costs

04. 18. 2023

Restoring the expanded, monthly refundable CTC and EITC is the most immediate, meaningful, and direct way to help families meet basic needs.

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The cost of nearly everything – from fuel to food – is the highest it’s been in 40 years. Families need economic empowerment now. Restoring the expanded, monthly refundable Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC) is the most immediate, meaningful, and direct way to help families meet basic needs as they navigate an uncertain economy.

When it was enacted, the expanded CTC slashed child poverty, infused local economies with tens of billions of dollars, and immediately reduced food insecurity by nearly one-third. If restored, the expanded CTC and EITC could provide relief to 36 million families with kids and 17 million individuals without children within weeks – all the more reason we need to expand both credits again.

The monthly, fully refundable CTC lifted nearly 4 million children from poverty, and nearly 66 million – 90% of children in the country – benefited from the program. Under current law, millions of children are once again excluded.

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