Raegen Selden, an office manager in Norristown, Pennsylvania, who has raised six children ranging in age from 12 to 25, understands the financial challenges of raising a family. She has relied on the federal Child Tax Credit, first created in 1997, to help make ends meet. During the pandemic, the credit was temporarily boosted from $2,000 to $3,000 per child, and up to $3,600 for families with children under the age of 6. This increase helped cut U.S. child poverty by 46%, providing much-needed relief for families like Selden’s. Despite the extra income, bills still needed to be paid, which made the boost in the Child Tax Credit a comfort for many families.
The cost of raising a child from birth to age 18 is estimated to be around $310,000, according to a report by the Brookings Institution. Both presidential candidates agree on the need to increase the Child Tax Credit to support families financially. Former President Donald Trump’s campaign proposes a $5,000 per child yearly tax credit, while Vice President Kamala Harris suggests a credit of up to $3,600 per child, with a $6,000 bump for newborns. Trump advocates for the credit to be available to all families regardless of income, while Harris would restrict it to low and middle-income families and make it “refundable,” meaning even parents who don’t pay taxes would receive the credit in cash. Experts believe that supplementing the income of low-income families with children can significantly improve their lives, including their educational outcomes and long-term health.
The high costs associated with raising children have been a major point of contention. While there is bipartisan support for expanding the Child Tax Credit, a bill to do so failed in the Senate recently. Selden, like many other parents, believes that receiving a Child Tax Credit is essential because children are the future of the country and investing in their well-being is crucial for their success. Ensuring that children have access to basic necessities like food is a fundamental aspect of raising responsible and productive citizens. The additional financial support provided by the Child Tax Credit can alleviate some of the financial burdens that families face and give children a better chance at thriving.
Overall, the appeal for a higher Child Tax Credit reflects the growing recognition of the challenges that families face in providing for their children. The current economic landscape, exacerbated by the pandemic, has put a spotlight on the need for increased financial assistance to support families struggling to make ends meet. By investing in children, policymakers aim to secure a brighter future for the next generation and ensure that all children have the opportunity to thrive and reach their full potential. The debate over the Child Tax Credit continues to evolve as policymakers grapple with finding ways to best support families and address the financial strains of raising children in today’s society.
