Joe Biden’s Child Tax Credit, which is really a universal basic income for families with kids, is a monumental achievement that doesn’t get enough respect. It was enacted for one year, as part of the March relief package known as the American Rescue Plan. Now, as Congress begins the 2022 budget reconciliation process with the possibility of making the credit permanent, it’s a good time to review what’s been achieved and why this benefit must not be taken away.
This Friday, just in time for back-to-school spending, parents will get the second monthly installment of $250 per child, and $300 for children under 6. The child tax credit, which is not income-tested except for the very affluent, reaches upwards of 90 percent of parents with kids at home.
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