Child tax credit 2021 update
CHILD TAX CREDITS CUT CHILD POVERTY
Much has been said about how the child tax credits have cut child poverty in the last few months.
After only one monthly payment, after the policy passed in March 2021, the expanded credits cut child poverty by 25 percent, according to Vox.
If those larger payments continue, it could slash child poverty even further — by more than 40 percent in a normal year, according to the Urban Institute.
“This is a huge decline in a very short time frame,” Vox noted.
“According to the Brookings Institution, child poverty rates dropped by 26 percent between 2009 and 2019, meaning the tax credit accomplished in one month what other policies took a decade to achieve.”