Letter: Expanded child tax credit will benefit almost 90% of kids
Thanks to the expanded child tax credit, as many as 39 million households, will receive $3,000 to $3,600 per child the middle of next month. Payments will be deposited into bank accounts or mailed as checks. The money is coming out early to help families offset pandemic losses.
According to Colorado Senator Michael Bennet, “in our state alone, it will benefit almost 90% of kids and lift 57,000 children out of poverty. It is a historic step toward a society that doesn’t just talk about family values but that actually values families.”
Payments are based on 2019 and 2020 tax returns. For families whose income did not require tax returns, they can still receive the credit. Go to the Internal Revenue Service website (irs.gov), Advance Child Tax Credit Payments in 2021.
Eligible families that sign up may also be able to receive stimulus payments if they have not gotten them.
Yes, it sounds expensive, but according to The National Academy of Sciences, far less expensive than the estimated $800 billion to $1.1 trillion lost annually as a result of the negative outcomes of child poverty due to lost productivity, increased costs of crime and increased health expenses.
Senator Bennet deserves a big thank you for bringing the expanded child tax credit he has championed for five years to reality. Bennet was the guiding force in the Senate. Also, a huge thank you must go to Connecticut Rep. Rosa DeLauro who has made expanding the child tax credit her priority for 16 of her 18 years in the House.
Unfortunately, the expanded credit is only for tax year 2021, so we can be sure both Senator Bennet and Rep. DeLauro will work to make the expansion permanent.
Let us hope they succeed because some of the children who benefit may be our future scientists, doctors, lawyers, senators or even presidents.
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