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Washington, D.C. — Colorado U.S. Senator Michael Bennet held a bicameral press conference with House and Senate colleagues to introduce the American Family Act and the Tax Cuts for Workers Act, legislation that would permanently expand the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC). Bennet delivered remarks on the need for an expanded Child Tax Credit to benefit low-income and middle-class families and highlighted the success of the CTC expansion in 2021, which cut child poverty nearly in half and hunger by a quarter for families.
“Everywhere I go in Colorado, I meet parents who are working hard, who are working two and three jobs just to scrape by, and like many Americans across the country, they are wrestling with a legacy of 50 years of trickle-down economics that has benefited the wealthiest Americans while leaving middle-class families behind,” said Bennet.
“Today, the United States is wrestling with the highest wealth inequality that we’ve had in decades, the biggest income inequality that we’ve had in decades, and one of the highest childhood poverty rates in wealthy nations. That is a moral disgrace, as my friend Cory Booker tells us.
“In 2021, for the very first time, 62 million Americans, including American kids, including a million kids in Colorado, received the expanded Child Tax Credit, and we cut America’s childhood poverty in half. As a result, it was the most significant reduction in childhood poverty in our nation’s history. We have to fight to make these changes permanent. That’s why we are here today.
“It is crazy for us to not cut taxes for people who are working for a living, who are in our middle class, that’s exactly what the Child Tax Credit does. It’s the best investment that we have made in children and working families in generations. As a former school superintendent, I can tell you, there is not a more important tax policy that we can pursue.”
Here’s what they’re saying about the reintroduction of the American Family Act:
KDVR FOX 31: Democrats call for Congress to pass an expanded child tax credit
A group of Democrats on Capitol Hill is calling for Congress to pass an expanded child tax credit, after the payments to parents expired in 2021.
Colorado Sen. Michael Bennet’s bill would make permanent what previously was a pandemic-era policy.
“We cut America’s childhood poverty in half. As a result, it was the most significant reduction in childhood poverty in our nation’s history,” Bennet said.
Bennet’s bill would increase the credit from $2,000 per child to $3,600 for children ages 6-17, and $4,320 for children under 6. Future credit increases would be tied to inflation. It also provides a “baby bonus” of $2,400 when a child is born.
Gray Media TV: Senator Michael Bennet of Colorado introduces the American Family Act to increase child tax credits.
Senator Michael Bennet is introducing legislation to permanently expand [the] Child Tax Credit. The American Family Act would increase the value of the Child Tax Credit from $2000 to $6,360 for newborns, $4,320 for children age one to six, and $3,600 for children age six to 17.
The 19th: Expanding the child tax credit has some Republican support. Now what?
Democrats have been hammering their counterparts all year on what they view as Republicans’ hypocrisy in supporting an expanded credit as they give more tax cuts to billionaires at the expense of other social programs.
Some Republicans in both chambers are eager to expand the credit, including Senate Finance Chair Mike Crapo, an Idaho Republican.
Meanwhile, a group of Democratic senators laid out ambitious plans for an expanded credit on Wednesday. The American Family Act would create a tiered system for the child tax credit based on age: $6,360 for newborns, $4,320 for children age 1 to 6, and $3,600 for children age 6 to 17. It would also be fully refundable, meaning someone can access the credit even if they don’t earn enough to owe income tax.