The lowest-income households will be hit the hardest. If the credit were continued through 2022, the poorest 20% of families would have seen a 35% income boost, according to a study by the Institute on Taxation and Economic Policy.
That’s significant for parents who are working but haven’t all been able to get back to their pre-pandemic jobs and incomes.
“We’ve had strong job creation this year, but we have this economy that took an enormous hit, and there are still a lot of people out of work and there’s still a lot of disruption,” said Amy Hanauer, executive director of the Institute on Taxation and Economic Policy. Read more