Today, the fifth round of the Child Tax Credit included in President Biden’s American Rescue Plan hit families’ bank accounts of nearly 2 million children in North Carolina. Since North Carolina families started receiving the Child Tax Credit in July, the tax cuts have led to reduced financial anxiety of parents as the economic stress of the pandemic lingers, and one study found that extending the payments would decrease child poverty by 44.3 percent in North Carolina. North Carolina Democratic Party (NCDP) Chair Bobbie Richardson released the following statement:
“President Biden’s Child Tax Credit is making a world of a difference for families across North Carolina. In just a few short months, families from Murphy to Manteo feel less strain on their pocketbooks and are able to do what’s necessary to raise a family: put food on the table, pay for school supplies, afford tutoring and much more.
“This breathing room wouldn’t be possible without President Biden and Democrats’ American Rescue Plan. While Democrats delivered for North Carolina, we won’t let voters in 2022 forget that the entire North Carolina Republican delegation voted against these monthly tax cuts that have been a game-changer for families across our state.”