Despite the concession, the president is still fighting for a legacy-making policy that could become the equivalent of Social Security for children. Biden dubbed the start of payments in July as “historic,” saying that the reduction to child poverty would be transformative and that he intended to make the credit permanent.
“It’s a flat-out tax cut for ordinary people,” Biden said in a Wednesday speech in Scranton. “That’s what it does. I make no apologies for it.” “A lot of its initial success was that it did fit into the frame of tax relief,” said Gene Sperling, a Biden aide who worked on economic policy in both the Clinton and Obama White Houses. “This is one place where progressives have over a period of 30 years kind of won the conceptual war.”
Clinton separately proposed it in December 1994 in his “middle class bill of rights” speech. The convergence ultimately led to the 1997 overhaul of welfare that established a $500 tax credit for children. Future administrations expanded the credit. But until this year the credit was not “fully refundable” — which meant that parents with low incomes might not earn enough to receive the full payment.
“It’s a policy that’s been transformed from one that encourages self reliance and work to one that doesn’t,” said Bruce Meyer, the University of Chicago professor who co-wrote the analysis. Democratic lawmakers believe the payments reduce poverty and improve educational outcomes, making it more likely that the children will hold steady jobs as adults.
It should be 50 thousand a year for a child
WOW on the one hand everybody cry's about the government taking liberties with their rights and how they want to make their decisions at the same time their asking for a gov. Hand-out? No thats b.s. your decision to have kids shouldn't have to cost me !!
That is y we need more democrats in both houses, don't pass judgment on this administration till 2023 and if we don't put more democrats in both houses next year, it's our fault for the outcome. Get real and get to voting in 22
The problem with TheDemocrats is that they are not fighting hard enough. If GOP had the House, Senate and White House, they would run Democrats out of town; perhaps out of the country. Democrats have it all and they are helpless! JoeBiden chuckschumer SpeakerPelosi
Nothing to see here empty nesters...
That would mean if you don’t have children then you should not have to pay taxes nobody help raise my kids I should not have to pay for anybody else kids
This is ridiculous, I have a relative with 7 children 5 under 17 who will no longer look 4 work cause of the $$. Expand
This means you're penalized for being responsible and not having children you cannot afford.
With inflation I can maybe fill up my gas tank with this check
Yes, much better to spend the money on more military equipment/armaments—which will eventually end up parked or abandoned in some desert location and left to rot.
👎
Didn’t this good intention lead us to where we are today with a subculture of fatherless homes.
So it’s gonna end at the end of this year. Got it
Trying to buy votes by entitlements…
They need to push that tax deal until the next presidential election 🗳 to insure their win
If you're single and don't have kids or dependants, the tax code is stacked against you.
It seems that we have three parties after all. The democrats are split which creates 2 and of course we have the new Trump party of racist and democracy killers.
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