BACKGROUND:
Many of the same CEOs asking for tax breaks juiced their profits with greedy price hikes that spiked inflation and made it harder for struggling families to pay rent and put food on the table.
The expanded child tax credit cut childhood poverty in half practically overnight. But Republicans and Joe Manchin allowed it to expire last year. Now millions of families are struggling once again to pay the electric bill, buy presents for the holidays, and afford basic necessities for their kids.
The expanded earned income tax credit helped an estimated 17 million workers, who received $700 more on average than under the previous credit.
These tax credits:
- Helped families afford food, almost immediately reducing food insufficiency by 24 percent after the first monthly CTC payment was sent in July.
- Helped families cut their reliance on costly, risky financial products like credit cards, payday loans, pawn shops – and even selling blood plasma and
- Helped families keep up with regular expenses, with households with children experiencing an 8 percent drop in financial insecurity after the first checks went out.
SIGN ON TO ADD YOUR VOICE:
“We strongly urge Congress to put children first by extending the monthly Child Tax Credit and Earned Income Tax Credit which lapsed last year. Corporations shouldn’t get any special tax breaks while families are left behind.”
