16/08/2024 | Press release | Distributed by Public on 17/08/2024 00:48
"Both campaigns are showing big, bold proposals to give low-income and middle-income families tax relief that will raise literally millions of children out of poverty should they be enacted," said Marisa Calderon, President and CEO of Prosperity Now. "As always, the devil will be in the details of these plans. Both will undoubtedly need to face risk averse Senators and House members who will be interested in finding appropriate pay-fors in order to extend this relief to families. That said, we are exceptionally excited that both campaigns are prioritizing tax relief for families that will yield important economic benefits for millions of Americans for years to come."
Earlier this month, the Senate failed to pass a cloture vote on the CTC which would have incrementally raised it from $1,800 in 2023 to $1,900 in 2024 and finally $2,000 per family by 2025. The plan, which failed cloture, would have lifted nearly half a million children out of poverty according to research conducted by the Center for Budget Policy and Priorities (CBPP).
BACKGROUND INFORMATION:
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About Prosperity Now -- Since 1979, Prosperity Nowhas been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance economic equity by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact our entire financial ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Learn more at www.prosperitynow.org.