Beginning tomorrow, Thursday, July 15, working families across New Hampshire are set to start receiving a monthly tax cut that was established under the U.S. Sen. Maggie Hassan and Jeanne Shaheen-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. Hassan and Shaheen deserve credit for putting New Hampshire working families first in Washington, and every Republican who decides to run for Senate in New Hampshire in 2022 — including Gov. Chris Sununu, who’s said he would have opposed the bill — 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:
- Union Leader: Expanded child tax credits from American Rescue Plan stimulus package will start hitting bank accounts this week
- New York Times: Monthly Payments to Families With Children to Begin
- Fosters Daily Democrat: Most parents to get $250 or $300 monthly payments per child. Here’s how it works.