Update

Expanded Child Tax Credit Nears Reality

01. 19. 2024

Congress is on the brink of passing a bipartisan deal that would expand the Child Tax Credit and lift half a million kids out of poverty.

Congress is on the brink of passing a bipartisan deal that would expand the Child Tax Credit and lift half a million kids out of poverty.

We’ve spent countless hours talking to members of Congress on both sides of the aisle, meeting repeatedly with the White House, and building vocal support from veterans to evangelicals to small business owners. We made our voices heard and pushed for an economy where everyone has the freedom and stability to thrive. This new policy would be an important step in improving access to cash tax credits for low- and middle-income families.

As covered in the Washington Post, The New York Times, and MarketWatch, this expanded CTC would impact millions of families around the country:

• One out of every three Black and Latino children under the age of 17 would be included.
• Of the 19 million kids whose families earn too little to get the full credit, about 16 million (more than 80%) would benefit, with some families receiving double or triple their current credit.
• About 500,000 children would move out of poverty by 2025.

This policy builds on the successful expansion of the CTC in 2021, which helped slash poverty in half. It’s certainly not everything we need to win for families, but it’s a critical first step and would lay a strong foundation for us to build from as we work towards expanding the CTC for all children in 2025.

If Congress passes this package in the next couple of weeks, families will be able to access support this year, guaranteeing the basics for millions. This rare bipartisan agreement is a return towards ensuring that parents have the financial tools they need to provide for their families – as they see fit.