I applaud the letter (EW 3/17) calling attention to struggling families lacking income for basic needs.
The Child Tax Credit lifted more than 30 percent of U.S. kids from poverty in 2021. But Congress allowed the 2021 CTC extra provisions to expire in December, so now in January 2022, 3.7 million children fell into poverty — a 41 percent increase.
In 2020, more than 50 of the largest U.S. companies paid no federal taxes at all (Forbes.com, April 2, 2021). In the 1950s, corporations accounted for about 40 percent of federal income. Today it’s just about 7 percent.
We can afford to give our kids the basic resources to thrive. We must change the tax code to make the rich and large corporations pay their fair share. Thank god much-needed tax reform looms large on President Joe Biden’s agenda.
Note: If you qualified for Child Tax Credit monthly payments last year, go to ChildTaxCredit.gov to learn how to claim the rest of your credit.
Donna Schindler Munro