May 3, 2021

AND PUT $100 A MONTH IN A ROTH IRA FOR EACH KID:

Let's Cut Child Poverty In Half -- By Making Tax Credit Permanent (Suzan Delbene, May 03 | 2021, American Independent)

Most other developed countries offer a child benefit that gives families money to help cover the basic necessities of raising children.

In the United States, we have the Child Tax Credit, but it is much more narrow than the benefit in other countries. Until recently, it didn't serve the people who needed it most, leaving behind one-third of all children who live in families that didn't make enough money to qualify for the full benefit.

That's why Reps. Rosa DeLauro (D-CT), Ritchie Torres (D-NY) and I introduced the American Family Act, which would give families up to $300 per month per child and make sure all low- and middle-income families can access the full credit.

A one-year version of our proposal was included in the American Rescue Plan. That's because the New Democrat Coalition, a group of 94 forward-thinking Democrats that I lead in the House, endorsed the American Family Act and pushed for its inclusion as a way to rebuild the middle class. The federal government is expected to start issuing these monthly checks to families in July, to help pay for groceries, rent, and other regular bills.

This is only the beginning of this effort. We cannot lift children out of poverty for just one year. Parents need consistency and predictability knowing this support will be here for the long term as they raise their families. Some might contend this will cost too much or will be too hard to achieve. I say how can we afford not to? Childhood poverty costs the nation upwards of $1 trillion a year. Permanent expansion of the benefit is supported broadly by Democrats, including the New Democrats and Progressives. Giving children a fair chance at success is a position that shouldn't be partisan. The permanent enhanced credit is estimated to save eight dollars for every dollar it costs. This means better health and education outcomes for children and more stability and predictability for parents.

Posted by at May 3, 2021 12:00 AM

  

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