American Rescue Plan won't just stimulate the economy, it will be a massive anti-poverty win
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The American Rescue Plan—now on the brink of final passage in Congress—is a truly historic bill for families with kids. Child poverty is going to be slashed by nearly half, while overall poverty is cut by a third. The child care industry, now in crisAmerican Rescue Plan won't just stimulate the economy, it will be a massive anti-poverty win
The American Rescue Plan—now on the brink of final passage in Congress—is a truly historic bill for families with kids. Child poverty is going to be slashed by nearly half, while overall poverty is cut by a third. The child care industry, now in crisis, is getting help so that when more people feel safe sending their kids back to day care, the care is there for them. And parents will get the help they need to make the best decisions for their families, not forced by desperation into having only bad options. The biggest, most historic family-friendly provisions in the relief package dramatically expand the existing child tax credit and the child and dependent care tax credit. Specifically, the bill gives parents $3,000 per year for each child aged 6 to 17, with $3,600 a year for children under 6. And while the parents with the lowest incomes don’t get all of the existing child tax credit—in fact, 10% of kids get nothing—the poorest families will not only get the whole benefit of the expanded credit, they’ll get monthly checks rather than a lump sum at the end of the year. That will give newfound stability to the families that need it most. The number of children in poverty will drop by 45% and the number of Black children in poverty will drop by 50%, according to experts. Read more