The stagnation and lack of change in the childhood poverty rate calls for policy makers to do something dramatic and innovative about it. We are excited that the American Rescue Plan included enhancement to the Child Tax Credit to specifically to address childhood poverty with the goal in mind that the increase in cash assistance to families may be able to cut childhood poverty in half.
The enhancements to Child Tax Credit include:
The Center on Budget and Policy Priorities estimates that 86% of children, 1.6 million, will benefit from the enhanced child tax credit in Virginia. And 249,000 kids will be lifted above or closer to the poverty line by the expansion.
For more info and to access the online tools to update status or file to receive the credit if your family did not have a tax liability, visit ChildTaxCredit.gov.
Access and download the PDFs below for more information (courtesy of the White House and Annie E. Casey Foundation) by clicking on the thumbnails.
How policymakers can act to help families experiencing financial hardship and maximize the Child Tax Credit.