WASHINGTON —Today, U.S. Sen. Mark R. Warner (D-VA), member of the Senate Finance Committee, released the following statement after the House voted in favor of a $78 billion tax package that would expand the Child Tax Credit and dramatically cut child poverty in the United States: 

“I am encouraged by today’s House passage of a bipartisan tax bill that would lift nearly half a million U.S. children out of poverty. As we saw during the pandemic, expanding the Child Tax Credit is a tried-and-true way to give struggling families a meaningful boost and help put food in the mouths of needy children. Especially now, with tax season around the corner, this legislation could provide near-immediate breathing room for millions of working families who live paycheck to paycheck – but only if the Senate acts quickly. As this bill makes its way to the Senate, I look forward to working with my colleagues on both sides of the aisle to deliver for American families.”

This legislation, as passed by the House, would benefit 16 million children in the U.S., lifting as many as 400,000 children above the poverty line in the first year alone and continuing to reduce poverty for the families of about 5 million additional children over time. 

Currently, the Child Tax Credit allows families up to $2,000 in tax credits per child. However, many families – especially poor families who need the program the most – do not make enough to reap the full tax deduction benefit. This bill would expand the Child Tax Credit by allowing families to reap the full credit as long as they continue to meet the minimum income threshold of $2,500 per year. It would also ensure that the Child Tax Credit can keep up with inflation. This legislation would help pick up where the nation left off at the end 2021, when a similar COVID-era expansion of the Child Tax Credit expired.  ###