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The child poverty rate plummeted in 2021, thanks largely to a major, but temporary, boost to the child tax credit in the $1.9 trillion American Rescue Plan Act. It beefed up payments to $3,600 for ...
September 11, 2023 at 4:00 PM. The White House is preparing for a sharp rise in the U.S. poverty rate following the end of pandemic-era child tax credit (CTC) expansion. President Biden and ...
Stimulus Update: Child Tax Credit Expansion Still ‘Achievable’ by End of 2023 ... the 2022 Supplemental Poverty Measure (SPM) rate of 12.4% represented an increase of 4.6 percentage points ...
It showed that Black poverty nearly doubled between 2021 and 2022, while the Latino rate rose from 12.6% to 21.6%. Among children of all races and ethnicities, the rate soared from 7.5% in 2021 to ...
In fact, Census data from September 2023 showed that the child poverty rate more than doubled between 2021 and 2022 to 12.4% following the end of the credit expansion.
In 2021 alone, the temporary child tax credit helped child poverty decrease by 46%, lifting 716,000 Black, 820,000 white, and 1.2 million Latino children and families out of poverty.
e. The United States federal child tax credit (CTC) is a partially-refundable [a] tax credit for parents with dependent children. It provides $2,000 in tax relief per qualifying child, with up to $1,400 of that refundable (subject to a refundability threshold, phase-in and phase-out [b] ). In 2021, following the passage of the American Rescue ...
The absence of the advance Child Tax Credit (CTC) payment this month could push nearly 4 million children into poverty, a new study projects. The monthly child poverty rate is estimated to jump to ...
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