As September Child Tax Credit Payments Go Out, New Joint Economic Committee Analysis Finds CTC Delivered $29.3 Million In Tax Cuts To VA-8 Families In August
Report finding expanded Child Tax Credit generated nearly $20 billion per month in local economic activity nationwide comes as Ways and Means Committee completes work on legislation to extend CTC to 2025
Washington, September 15, 2021
September 15, 2021 (Washington, D.C.) – Rep. Don Beyer (D-VA), the Chairman of Congress’ Joint Economic Committee (JEC), today released a new JEC report that found 78,000 Child Tax Credit (CTC) monthly tax cut payments were sent to families in Virginia’s 8th Congressional District in August, totaling $29.3 million in tax cuts for Northern Virginia families, benefitting 118,000 children.
Beyer voted this afternoon in the House Committee on Ways and Means to extend the expanded Child Tax Credit to 2025, in a vote that successfully advanced the measure for consideration by the full House. September CTC payments were sent out today.
“Today we took important steps to extend the Child Tax Credit, which this report shows has had dramatically positive effects for America’s working families,” said Beyer. “The historic tax cut which Democrats passed as part of the American Rescue Plan is putting more money in hardworking families’ pockets. They are using the $250-$300 per child payments, like the one that just went out today, to help pay for necessities like food, child care, education, and energy costs, with benefits that radiate out through local communities. I’m so proud to have helped enact this enormously beneficial policy to cut child poverty in half, and to have voted today to extend it for years ahead.”
Statewide, 934,000 monthly tax cut payments went to families in August for a total of $388.1 million. The average payment was $416. Nationwide, the Joint Economic Committee estimates the Child Tax Credit tax cuts are pumping $19.3 billion into local economies each month, supporting local jobs and businesses.
Family finances have improved significantly following the first monthly payments in July. Analysis based on data from the Census Bureau shows that following the July payments there were significant declines in the share of households with children reporting financial hardship and food insufficiency. Among those who responded to the Census Bureau’s survey: 47% spent their CTC payment on food, 28% spent it on internet and other utilities, 26% spent it on school expenses, and 17% of those with at least one child under age 5 spent it on child care.
Click HERE to learn more about the full Joint Economic Committee’s study on how the Child Tax Credit is supporting local economies nationwide.