Of course, there is still hope for extending the enlarged child tax credit. It’s still up in the air whether it will be President Biden’s edition, Sen. Mitt Romney‘s edition, a compromise of the two, or nothing at all. Most likely, we won’t know until after the midterms.
It’s interesting to observe how other industrialized nations employ tax money to guarantee that children’s fundamental material requirements are covered in the meantime.
An estimated 3.7 million American children were rescued from poverty by the enhanced Child Tax Credit stimulus check payments made over six months last year. Families have more money in the bank to meet the necessities for their kids. However, those families were once more left on their own come January 1, 2022, when Republicans in Congress refused to prolong the installments of monthly Child Tax Credit stimulus checks.
A recent study from Columbia University found that after the Child Tax Credit payments stopped in January 2022, the monthly child poverty rate increased from 12.1% to 17%. The study demonstrates that all those kids who were in poverty before the increased Child Tax Credit re-entered it.
The U.S. In This Inflated Market Is Probably The Worst Place To Raise A Child Even With The Child Rebate Stimulus Check:
Families are affected in other ways besides merely by the loss of Child Stimulus Check Tax Credit payments. The lack of paid maternity leave and the high daycare expense make raising a child in the United States already prohibitively costly. Additionally, the United States is the only developed nation without universal healthcare.
The United States falls far short of other countries in providing for children. For instance, the Hamilton Project, Elizabeth Davis, and Aaron Sojourner, as well as the Organization for Economic Cooperation and Development, estimate that the yearly public spending in the United States on early childhood care is $500 per child.