PRESS RELEASE: STATEMENT: ON FIRST DAY WITHOUT CTC CHECKS, AMERICAN FAMILIES AWAIT BUILD BACK BETTER ACT’S PASSAGE

FOR IMMEDIATE RELEASE 
January 14, 2022

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

STATEMENT: ON FIRST DAY WITHOUT CTC CHECKS, AMERICAN FAMILIES AWAIT BUILD BACK BETTER ACT’S PASSAGE

NEW POLLING65% of Voters — Including 64% of Independents — Support the Build Back Better Act 

Associated Press: 305,000 West Virginia Children Benefited From The Expanded Credit Last Month

American Rescue Plan’s Child Tax Credit Payments Were Provided To Nearly 60 Million Children Lifted Millions Above The Poverty Line

WASHINGTON, D.C. — Today, American families should have been receiving an expanded Child Tax Credit check. Instead, 60 million children whose families benefited from the expanded child tax credit are now in more difficult circumstances, while millions of children are now at risk of falling back below the poverty line due to the end of the expanded Child Tax Credit.

Invest in America senior advisor Zac Petkanas issued the following statement:

“The Build Back Better Act is more critical than ever to keep millions of children from falling back into poverty, especially as many working families are struggling with high costs.

“The expanded Child Tax Credit is a transformative policy that has reduced child poverty by nearly half this year, allowed millions of parents to go to work and keep up with the cost of living, and eased the economic burden on working and middle-class families.

“It’s imperative that Congress pass the Build Back Better Act with urgency to continue to help the American families who are struggling to make ends meet by lowering key costs and continuing the tax cuts for working families that have proved so effective.”

The investments in President Biden’s full Build Back Better agenda will lower costs, cut taxes, and create jobs for working families. 

  • The Build Back Better agenda will lower taxes for middle class families: 

    • It will expand the Child Tax Credit, lowering taxes for middle class families by providing 39 million households and nearly 90% of children in the U.S. a major tax cut and cutting the child poverty rate in half.

  • The Build Back Better agenda will lower costs for working people:  

    • It will lower child care costs — which cost parents $30-35 billion in income before the pandemic. Access to affordable child care could increase the lifetime earnings for women with children by nearly $100,000.

    • It will lower the cost of long term care, expanding access to affordable home care to hundreds of thousands of Americans.

    • It will lower energy costs, saving the average American family $500 per year by investing in clean energy.

    • It will lower health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost saving premium tax credits; adding hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.

    • It will lower prescription drug costs for Americans by letting Medicare negotiate drug prices, so consumers are no longer at the whim of pharmaceutical companies.

    • It will lower taxes for low-and-moderate-income workers by extending the American Rescue Plan’s Earned Income Tax Credit to millions.

    • It will lower education costs by expanding Pell grants and making universal preschool a reality.

    • It will lower housing costs by creating more than one million new affordable homes in rural and urban areas.
  • The Build Back Better agenda will create millions of jobs: 

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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