I was so proud to see the Vermont House pass its own statewide version of the child tax credit.
It is estimated that this affects approximately 33,000 children in Vermont at a time when rising inflation is negatively impacting the everyday life of the average Vermonter. And we know for a fact that those credits help.
In 2021, the expanded federal child tax credit was a financial lifeline for US children living in poverty. The effect was immediate. Child poverty fell by 40% after one month of payments, and research shows recipient families spent this money on rent, food and clothing for children. Recipients of child tax credits continued to work, lived healthier lives, invested more in their children’s education, and used payday loans less often.
However, some legislators have stopped an extension of child allowance payments. As a result, child poverty increased by 41% after payments stopped. In addition, many households with child allowances had to give up their jobs because they could no longer afford childcare.
I was so grateful to see Rep. Welch supporting the Vermont Children’s Tax Credit. I would like to see Sen. Leahy and Sen. Sanders show equal support for children living in poverty. I urge Sens. Leahy and Sanders to do their utmost to extend the National Child Tax Reduction with permanent full refunds and to resume monthly payments immediately.
With inflation making it harder for families to make ends meet, what more does lawmakers need to do the right thing?
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