President Joe Biden and leading Democratic lawmakers have been fighting to make permanent the child tax credit that would give families at least $300 a month per child. The latest budget deal would extend the payment only through the end of the next year.
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.
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