ITEP Statement: American Family Act Prioritizes Tax Credits for Low- and Middle-Income Families
news releaseContact: Jon Whiten ([email protected])
STATEMENT FROM AMY HANAUER, EXECUTIVE DIRECTOR OF THE INSTITUTE ON TAXATION AND ECONOMIC POLICY:
“We’re thrilled to see lawmakers prioritizing tax credits for low- and middle-income families with the introduction of the American Family Act today. By permanently expanding the Child Tax Credit (CTC) to 2021 levels, this legislation would help millions of children and families, especially the lowest-income families who currently make too little to receive the CTC.
We know the CTC works wonders to boost economic security; when the expanded credit was in place in 2021 child poverty was cut by an astonishing 46 percent.
Restoring the more robust CTC should be a top priority of all lawmakers from both sides of the aisle. But unfortunately, this bill stands in stark contrast to other tax bills taking shape that would deeply cut taxes for profitable corporations and wealthy families.”