In full transparency, the following is a press release from Assistant Speaker Katherine Clark’s office, submitted to SOURCE media.
WASHINGTON DC – Today, November 5, Assistant Speaker Katherine Clark (MA-5) highlighted a new fact sheet from the Joint Economic Committee that outlines how the Democrats’ Child Tax Credit (CTC) is already meeting the urgent needs of Massachusetts families by helping parents make ends meet and positioning the economy for stronger growth for generations to come.
“The American Rescue Plan’s tax cut for families is working! This pandemic and its economic fallout have brought many Massachusetts families to their breaking point but since Democrats passed the American Rescue Plan last March, the extended Child Tax Credit — one of the largest tax cuts for families in U.S. history — has helped provide support to over 70,000 children in Massachusetts’ Fifth District,” said Assistant Speaker Clark. “Through the Build Back Better Act, House Democrats are continuing our work to help families and our economy to recover and thrive. The Child Tax Credit and the Build Back Better Act put the needs of families first and are key to building a just, inclusive, and equitable America.”
In October 2021, new Child Tax Credit data shows that 72,000 children received payments totaling over $24.3 million in the Fifth District. Another monthly payment will be sent on November 15, 2021.
These successes prove the need to extend the expanded CTC through the Build Back Better Act. As outlined in a newly released White House fact sheet, the historic investments called for in the framework would bolster financial security and spur economic growth in Massachusetts by reducing taxes on the middle class and those striving to break into it.
Led by President Biden and Democrats in Congress, the American Rescue Plan was signed into law in March 2020 to help families recover from the COVID-19 pandemic. The Build Back Better Act extends the tax cut for families by continuing to provide families $300/month per child under 6 or $250/month per child ages 6 to 17.
Critically, the Build Back Better Act also includes permanent refundability for the Child Tax Credit, meaning that the neediest families will continue to receive the full Child Tax Credit over the long-run.