16 Million Children Will Benefit from the Child Tax Credit expansion, Lifting 500,000 Children Out Of PovertyJanuary 17, 2024
For Immediate Release: January 17, 2024
SAN FRANCISCO – United States Senator Ron Wyden (D-OR) and United States Representative Jason Smith (R-MO) have announced a bipartisan tax package that ensures any tax breaks given to large corporations will be accompanied by a 3-year expansion of the Child Tax Credit (CTC).
“The expansion of the Child Tax Credit will make significant progress toward ending child poverty in the United States,” said Amy Everitt, President of Golden State Opportunity. “The proposed expansion of the CTC will help millions of families afford basic living essentials like food, rent, and child care resulting in over 500,00 children being lifted out of poverty. At the same time, this is not enough, we must work to address systemic challenges and permanently expand the Child Tax Credit to lift all children out of poverty in the United States.”
Overall, the expansion of the CTC is expected to benefit 16 million of the 19 million low income children that currently did not receive the full benefit. More families will qualify for the full credit, particularly benefiting families with multiple children. This tax deal is also expected to lessen the effects of poverty for 5 million children.