Beginning tomorrow, Thursday, July 15, working families across Nevada are set to start receiving a monthly tax cut that was established under the U.S. Sens. Catherine Cortez Masto and Jacky Rosen-backed American Rescue Plan — congressional Democrats and the Biden Administration’s COVID-19 recovery package that was opposed by every Republican member of Congress.
Unlike Republicans’ 2017 tax law — which was projected to send more than 80% of its benefits to the richest 1% of income-earners and large corporations like Chevron, Eli Lily, and Wells Fargo — this tax cut is returning money back to the pockets of working families: The American Rescue Plan’s expanded child tax credit will benefit 39 million families — with families receiving a monthly tax cut of up to $300-per-child.
Under the expanded child tax credit, “all but the most affluent families [are] eligible to receive up to $300 a month per child,” according to the New York Times, such that “the payments will cut child poverty by nearly half, an achievement with no precedent.”
Sens. Cortez Masto and Rosen deserve credit for putting Nevada working families first in Washington, and every Republican who ends up running for Senate in Nevada in 2022 will have to answer for their and their party’s opposition to cutting taxes and lifting up millions of American families.
Here’s a look at how the expanded tax cut has been covered:
- Nevada Current: Child tax credit cash for Nevada families starts in July
- Nevada Current: How the new, expanded federal child tax credit will work