FOR IMMEDIATE RELEASE
January 23, 2024
Contact: Emma Bittner
(972) 510-3395 | Emma.Bittner@younginvincibles.org
Expanding the Child Tax Credit Provides A Path to Financial Opportunity
Bipartisan Tax Package Outlines Expansion For The Child Tax Credit Amongst Other Tax Cuts
(Washington, DC) – On Friday, the Ways and Means Committee passed a bipartisan tax deal that expands the Child Tax Credit (CTC).These expansions are critical as young adult parents navigate the high costs of living across the country. Legislators should emphatically support this deal and move quickly to enact this law so young adult parents can take advantage of this relief this tax season.
Using Census Bureau data, it is estimated that 1.6 million young adult parents were eligible for the Child Tax Credit in 2022. Other estimates by the Center on Budget and Policy Priorities (CBPP) state that the new tax deal would reach almost 16 million children in low income families.
The expansions outlined in this deal adjust the household phase-in rate to the per-child phase-in rate, which allows families to be able to earn a credit amount per child instead of just the household. This will double or triple the credit for qualifying families with multiple children. Additionally, it offers lookback, which allows a family to use the current year’s or previous year’s income to receive credit, whichever offers the higher amount. This tax relief could do so much for these young parents and provide the opportunity to propel families forward financially.
In response, Diana Flores, a young mother eligible for the CTC said.
“The proposed expansions on the Child Tax Credit (CTC) would benefit so many young families like my own. As a 25 year-old mother, I have come to realize that tax season is dreadful especially now with a young child and prices for basic goods are on the rise. Getting the extra help alleviates not just the stress of saving money to pay off our taxes but also giving us more financial security during these times. The expansion gives more families like my own that extra support in order to make our lives a little easier in the current market.”
In response, Alexander Lundrigan, Workforce and Finance Policy Coordinator at Young Invincibles said:
“Expansions to the Child Tax Credit are essential to support young families and foster a future of economic opportunity. We are pleased to see a bipartisan effort that calls for the expansion of the CTC with an emphasis on uplifting young parents.
We commend leadership from Senator Wyden and Representative Smith on working to come to this negotiated deal. While this deal contains corporate tax cuts that enhance already wealthy businesses, the expansion of the CTC provides relief for millions of children and young adult parents. Despite the corporate tax cuts, we stand with advocates, faith leaders, and the legislators who organized this deal and encourage Congress to enact it quickly before tax filing begins.”
Young Invincibles (YI) is a national advocacy and policy nonprofit organization focused on amplifying the voice of young people in the political process at the local, state, and federal levels. YI focuses on issues impacting young adults ages 18 to 34 in higher education, health care, economic security, and civic engagement. Our offices include Washington, D.C., California, Colorado, Illinois, New York, and Texas. For more information, please contact Emma Bittner at (972) 510-3395 or firstname.lastname@example.org