How would an additional $300 dollars per month for each child you have sound to you right now? That would mean up to $3,600 per year per child. And that's exactly what Senator Bernie Sanders of Vermont proposed recently on the senate floor.
"I will be introducing an amendment to expand the $300 a month Child Tax Credit for the next 5 years paid for by restoring the top corporate tax rate from 21 percent to 28 percent."
Back in March of 2021 the American Rescue Plan (ARP) legislation increased payments for the Child Tax Credit to $3,600 for eligible children under 6, and $3,000 for children between the ages of 6 and 17. But that legislation expired in December of 2021. (source)
"In terms of our children, we have the highest rate of childhood poverty of almost every major nation on earth," Sanders said over the weekend.
While on the surface childhood poverty may not seem like a big issue in the United States, but the statistics are staggering: 1 child in 6 lives in poverty compared to 1 in 8 adults. That’s 11.9 million impoverished children in the U.S. In California, approximately 25% of all children under the age of 5 years old live in poverty.
Sanders wants to include the Child Tax Credit as part of the Inflation Reduction Act. The funding for this program would come from raising the corporate tax rate by 7 percent.
What do you think about this proposal?
Would you support it, or are you against it? Please feel free to let me know what you think in the comments.