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John,
Congress is working to pass legislation to address climate and energy issues, improve the country’s manufacturing capacity, and protect people from rising costs―and that can pass both the House and Senate this summer with a simple majority vote.
Reports are that it will be drastically reduced in scope from what the House passed months ago. President Biden acknowledged recently that right now there are not the votes to include the expanded Child Tax Credit. But that’s not the end of the story.
Right now, businesses are also fighting for their own slice of the pie.
For almost 70 years, a research and development (R&D) tax break has enjoyed broad bipartisan support. And businesses are pushing to restore a very generous version of that tax break, allowing them to deduct expenses immediately to give them a large quick tax break and help with cash flow. But what about the cash flow of struggling families?
Last year, families received monthly checks of between $250 and $300 per child, assisting 36 million families across the country. But, because of obstruction in the U.S. Senate, those monthly checks stopped in January.
With prices rising on everything from food to housing to gas, average families are dishing out an extra $460 out of pocket each month. The expanded CTC would help alleviate that financial pain.[1]
Write to your members of Congress right now! Demand they not pass the R&D tax break for businesses without first passing the expanded, monthly Child Tax Credit for 61 million children.
Just one month after the monthly CTC payments stopped, 3.7 million children were plunged back into poverty and 2 million more people with children have reported sometimes or often not having enough to eat, compared to last summer, when the CTC payments were being delivered.[2]
Write to your senators and representative and tell them not to pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for children and families.
If members of Congress hold firm, they can demand that the expanded CTC is restored before a huge business tax break is restored. That has worked in the past, and it can happen again if we speak out.
Together, we’re demanding Congress prioritize the needs of working families over wealthy businesses.
Thank you,
Deborah Weinstein
Executive Director, Coalition on Human Needs
[1] https://www.kcrg.com/2022/06/17/wages-are-up-inflation-causes-pay-cut/
[2] https://www.chn.org/wp-content/uploads/2022/05/covidsavecall5-4-22.pdf
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