Should we increase the child tax credit by indexing it to inflation?
Bill Summary
This bill would improve the child tax credit by indexing the credit to inflation, increasing the value of the credit for families with young children, and allowing families to receive a larger refund from the credit on their tax returns.
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Opponents say
The NEA Stated: The Child Tax Credit (CTC) helps working families offset the cost of raising children. This bill is just the opposite of what’s needed: it would provide new permanent tax cuts to many affluent families who have incomes too high to qualify for the credit under current law, while letting the CTC disappear altogether for many of the nation’s poorest working families after 2017, thereby casting millions of children deeper into poverty.
Proponents say
Melissa Boteach, Vice President of the Poverty to Prosperity Program at CAP, stated:
We applaud Sen. Bennet for introducing an important package of reforms to strengthen the Child Tax Credit. For decades now, American workers have been experiencing stagnant wages, yet the costs for working families continue to climb. New CAP analysis shows that child-related costs account for nearly 70 percent of this middle-class squeeze, leaving families with infants and toddlers particularly stretched at the time when income matters most for their children’s long-term development.
