'Cutting child poverty was not worth it if it could even be theorized that rich people might end up slightly less rich.'
Late Monday afternoon, Congressional leaders announced their long-awaited omnibus spending package which will fund the government through September 2023. The good news: the bill does not include needless corporate tax giveaways. The bad news: it also leaves out any expansion of the Child Tax Credit.
Ultimately, the conservative position on the credit triumphed. The credit was not worth the cost if it cost, well anything. This fall, as lobbyists descended on the Hill to pressure Congress into passing a set of corporate tax breaks before the year’s end, some progressive activists and lawmakers settled on a strategy to make any potential tax package at least mildly palatable: Tax breaks for businesses must be paired with an extension of the Child Tax Credit enhancements that were enacted in 2021.
Those enhancements increased the credit from $2,000 to $3,000 and to $3,600 for children under age 6, but more significantly, they removed limits on the refundable part of the credit, which helps families who most need it. Under permanent law , the tax code actually states that certain families make too little money to receive the full credit. That is, a credit which is supposed to help children is denied to them if they are too poor.
Given the enormous success of the 2021 credit, many progressive groups were at least open to an unsavory package of tax breaks for big businesses if lawmakers would in turn help children and families by enhancing the Child Tax Credit. The tax package pushed by corporate lobbyists included a
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