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Will Biden’s Tax Plan Discourage Work? We Already Know the Answer.
Research shows that refundable tax credits increase labor force participation, so why would Biden’s child tax credit be different?
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Gene Sperling served as director of the National Economic Council to Presidents Bill Clinton and Barack Obama. He the author of Economic Dignity.
President Joe Biden’s proposal to make the child tax credit larger and fully available to all poor families has been widelyrecognized for its potential to reduce child poverty. Yet the proposal is drawing a predictable criticism from some conservative corners: that because the full child credit would go even to families with very low or no incomes, it will discourage work.
United-statesCanadaAmericansAmericanMarco-rubioAngela-rachidiMike-leeScott-winshipMitt-romneyHilary-hoynesRobert-doarEven-the-american-enterprise-instituteWill Biden’s Tax Plan Discourage Work? We Already Know the Answer. POLITICO 2/10/2021 © illustration via Pexels pexels-photo-5849592.jpg
President Joe Biden’s proposal to make the Child Tax Credit larger and fully available to all poor families has been widelyrecognized for its potential to reduce child poverty. Yet the proposal is drawing a predictable criticism from some conservative corners: that because the full child credit would go even to families with very low or no incomes, it will discourage work.
But does this type of fully-refundable child tax credit – sometimes called a “child allowance” –truly force a tradeoff between combating poverty and discouraging work? As it happens, we know the answer to that question.
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A major anti-poverty effort that would lift prospects for millions of children and close a long-standing gap in the nation’s economic safety net appears headed for approval by Congress, tucked into the COVID-19 relief bill where it has largely been overshadowed by the debate over the size of stimulus checks.
The proposal, which could provide nearly all American families with monthly checks of up to $300 per child, would cut child poverty nearly in half, lifting nearly 10 million children up to or above the poverty line, according to analyses by the National Academy of Sciences and other expert groups.
United-statesCanadaWashington-centerDistrict-of-columbiaSpainWashingtonUtahAmericanJanet-yellenSherrod-brownd-ohioMike-leeChuck-marrTucked into Biden’s COVID-19 proposal: A push to cut child poverty in half
The idea has been debated in Congress for nearly two decades during which lawmakers have taken incremental steps to give more help to low-income families with children.
By David LauterLos Angeles Times
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WASHINGTON – A major anti-poverty effort that would lift prospects for millions of children and close a long-standing gap in the nation’s economic safety net appears headed for approval by Congress, tucked into the COVID-19 relief bill where it has largely been overshadowed by the debate over the size of stimulus checks.
The proposal, which could provide nearly all American families with monthly checks of up to $300 per child, would cut child poverty nearly in half, lifting nearly 10 million children up to or above the poverty line, according to analyses by the National Academy of Sciences and other expert groups.
MaineUnited-statesCanadaWashington-centerDistrict-of-columbiaSpainWashingtonUtahAmericanRosa-delauroMarco-rubioMike-lee