Senator’s Expansion of Child Tax Credit & Earned Income Tax Credit Included in Proposal Would Lift Million of Kids Out of Poverty, Provide Economic Security to Millions of Families
Denver – Today, Colorado U.S. Senator Michael Bennet released the statement below following House passage of President Joe Biden’s American Rescue Plan, a $1.9 trillion proposal to fight the Coronavirus Disease 2019 (COVID-19) pandemic and help Americans weather the economic fallout of the crisis. The package will now head to the Senate.
“Colorado and the country are facing a massive public health crisis that has precipitated a massive economic crisis. We need to take bold, decisive action to stem the tide of the pandemic and build our economy back better than it was before. That’s why I fought for the American Rescue Plan to include my proposals to expand the Child Tax Credit and Earned Income Tax Credit, which will cut child poverty in half and provide economic security to millions of families. It is the most transformative thing we can do during a time of great need, and I will keep fighting to ensure these tax credits are made permanent.”
Along with expanding the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC), Bennet fought tirelessly to secure other Colorado priorities in Biden’s plan. These include:
Direct Support for Coloradans:
- Expand the CTC, which is modeled after Bennet’s American Family Act.
- Expand the EITC, which is modeled after Bennet’s Working Families Tax Relief Act.
- Extend unemployment benefits through August 2021, including a $400 additional weekly payment, and a commitment to work to make unemployment benefits tied to economic conditions.
- Extend the eviction moratorium through September 2021 and provide $30 billion in additional rental assistance to help prevent evictions.
- Extend the 15% SNAP increase through September 2021 and work with Congress to turn it into an automatic stabilizer, which is consistent with the Bennet-Neguse bill.
- Deliver immediate relief to Colorado families with $1,400 checks per person, including all dependents. The payments phase-out starting at incomes of $75,000 for individuals and $150,000 for couples.
- Establish a health care workforce by creating jobs for 100,000 additional public health workers, consistent with Bennet’s Health Force proposal.
Support for Communities Struggling in the Wake of COVID-19: Bennet has continually pushed for strengthening and expanding the Paycheck Protection Program, providing additional funds to state and local governments, and funding for the E-Rate program to equip students with devices and internet connectivity.
- $350 billion for states, localities, and territories
- $20 billion for Tribal governments
- $20 billion for public transit
Small Business Relief:
- $15 billion in grants for the hardest-hit small businesses
- Additional $7.25 billion toward the Paycheck Protection Program
Schools & Students:
- $7 billion for E-Rate to provide low-income schools and students with Wi-Fi enabled devices and hotspots.