The Child Tax Credit: The Gift That Keeps Giving

If you’re like us, you look forward to the holiday season every year as an exciting time filled with friends, family, and dinner so good you won’t be able to tuck your pants in for at least a week. But in all the joy and longing, there’s always one frustration you can’t get over: the one person on your list that’s impossible to shop for.

I bet it’s the same for most of us, and the same frustration echoes from our own homes to the hallowed halls of Congress.

Fortunately, at least for our leaders in the House and Senate, there is good news this year because there is one thing on all of our lists: the new one. child tax credit.

We understood. Senator Joe manchinJoe ManchinStaying with Joe Manchin Biden finds par with black voters Manchin told the White House last week he would support version of billionaire tax: MORE report (DW.Va.) threw a big wrench into the potential to surpass $ 1.9 trillion Rebuild Better Invoice (BBB) who passed the house. At “Fox News Sunday,” Manchin told Bret Baier: “I cannot vote to continue with this bill. I can not. I tried everything humanly possible. I can’t do it. It is a no to this bill. I have tried everything I can do. And the president worked diligently. It has been wonderful working with him.

There is a lot of speculation as to why Manchin suddenly became a tough no to legislation, including that Manchin blames White House staff, not the president, for a breakdown of the talks. He would also expressed concern that parents could use the child tax credit money to buy drugs; and that Americans, especially West Virginia, would abuse paid time off and use it to go deer hunting.

We cannot know what is true and what is not about Manchin’s decision to announce his opposition to the legislation at this point, but we do know that infighting between family members is only good. for no one. It’s comforting to know that President BidenJoe Biden Harris tests negative for COVID-19 after close contact with Help Standing with Joe Manchin Holiday calling on Biden: “Merry Christmas and let’s go Brandon” MORE and Manchin spoke on Sunday evening and that talks are expected to resume around BBB in the new year. It is essential for all the provisions of the bill, but especially for our priority: the child tax credit, which offers a huge benefit to Americans.

Let’s look at the facts.

When Congress expanded the tax credit, working families immediately began receiving payments of up to $ 300 per month for each child under age 6 and up to $ 250 per month for each child. from 6 years of age or over until the age of 18. 9 out of 10 families in America, potentially helping to halve child poverty.

Plus, the ripple effect helps us all. By putting more money in families’ pockets, Mom and Dad can afford to buy Christmas presents, take the family out to dinner, or travel to see extended family. This means more money for companies providing these goods and services as well as new demand that not only protects existing jobs, but can create more.

Add to that expenses like doctor visits, groceries and diapers that families can probably better afford since they started receiving payments in July, and the impact is easy to see.

Want to know how the economy managed to create 531,000 jobs in October and around 5.6 million jobs in the first nine months of the Biden administration? This is a great reason. In fact, unemployment is currently 4.2%, its lowest point since the start of the pandemic.

It is not a coincidence. The Expanded Child Tax Credit is the gift that keeps on giving, injecting approximately $ 19.3 billion in local economies, supporting an estimated 500,000 new median-wage jobs over the next 12 months and helping lift some 4.1 million children out of poverty.

BBB is good not only for families but also for the economy. After Manchin rejected the BBB framework, Goldman Sachs quickly darkens its economic outlook. Of Manchin News, economist Jan Hatzius said: “Failure to pass the BBB has negative implications for growth. The growth of gross domestic product is now estimated at 2% for the first quarter of 2022, against 3%. And second-quarter growth was reduced to 3 percent from 3.5 percent.

We hope Manchin sees these numbers the same way Republicans do. The implications of not passing the BBB for American families could be dire. The child tax credit is a must.

We want Congress to act now. We want it to protect the expansion of the child tax credit. We want him to pass the Build Back Better Act, and we want him to do it now. After all, we need the Biden Child Tax Credit donation to keep giving through 2022, not just Christmas.

Jessica Tarlov is responsible for research at Animated digital group and a Fox News contributor. She got her doctorate. at the London School of Economics in Political Science. Follow her on twitter @JessicaTarlov.

Antjuan Seawright is a Democratic political strategist, founder and CEO of LLC Master Plan Strategy, a political contributor to CBS News and a visiting principal researcher to Third Way. Follow him on twitter @antjuansea.