On the recordFebruary 1, 2024
As a refundable tax credit, there are about 61 million children who are able to benefit from this provision, and yet I see through all of the talking points and literature and analyses of this proposal, that we are just supposed to be happy with this half loaf because now 16 million kids and 400,000 more are going to benefit from this proposal. Is this correct? Ms. DeLAURO. First of all, the point that you have made and that Congressman Scott made, these tax breaks for the richest corporations, they are immediate. They are immediate. The child tax credit, this has to be phased in over a 3-year period of time, and it is a lower number than they had with the original expanded monthly child tax credit, which was $3,000 for kids between 6 and 17, $3,600 for kids who are under 6. It is a lower credit, and then they phase it in in terms of refundability, and the most vulnerable kids are excluded altogether. It is astounding the inequity of all of that. Now, what we did with the child tax credit, which was in the American Rescue Plan, the monthly credit reached 61 million children.
