WASHINGTON, D.C. – Today, millions of American parents will receive the fifth monthly installment of child tax credit payments, providing $250 per child under 18 and $300 per child under six for eligible families. This November payment represents the penultimate monthly payment of the expanded CTC before the policy’s sunset in December, unless Congress acts to extend it.
In response, Liam deClive-Lowe, Executive Director of Humanity Forward, issued the following statement:
“As families receive the fifth round of child tax credit payments today, with only one payment left under the current program structure, the clock is ticking for members of Congress to extend the program and build on the monumental progress it has already made.
Without question, monthly child tax credit payments have been a critical lifeline for parents and for our economy.
The restructuring of the tax credit to be disbursed in advanced monthly installments has saved millions of families from poverty, eviction, and has eased the burdens of rising costs while our economy and supply chains emerge from a pandemic.
Our data shows that nearly 94 percent of parents plan to continue working or even work more while receiving the credit. This benefit of the policy further assists American families with low or fixed incomes, who are typically hit hardest by inflation, while also giving parents the freedom and flexibility to make the best choices for their family. Policies like the CTC that enable parents to afford child care are key ways to reduce existing barriers to employment, which can increase the supply of goods and reduce inflation.
The stories we’ve heard from parents over the last few months demonstrate how these payments have made a dramatic impact in so many families’ lives. Some parents have stopped worrying about paying for their weekly grocery trip, or paying their rent on time. Others now have the ability to build an emergency savings account for the first time.
If this program permanently ends in December, it will be devastating for the progress we have made to grow our workforce, eliminate child poverty, and rebuild our economy. Millions of parents and children will be left adrift without a lifeboat as costs continue to rise. We’re working with members of Congress on both sides of the aisle to support a common-sense extension to this program, which has already made transformational change in the lives of so many American families.”
Humanity Forward is a 501(c)(4) nonprofit organization dedicated to finding bipartisan solutions to advance the economic interests of the American people through federal policy. Uniquely positioned as one of America’s fastest growing, altruistic advocacy organization, our mission is to advance evidence-based policies designed to strengthen families, generate economic growth, and end poverty.