Children poised to benefit from American Rescue Plan
ALBUQUERQUE, N.M.- Child advocates believe the American Rescue plan will help children, especially minorities, who suffered during the pandemic.
"When we invest in our kids, when we put in the time and the effort and the resources, we’re making an investment in their future but also in the future of the entire country," said Sen. Martin Heinrich who voted for the plan.
The American Rescue Plan includes the Child Tax Credit.
It raises the maximum annual benefit level for many families, and provides a monthly allowance instead of one lump sum.
"Expanding the Childhood Tax Credit, again outlined in the American Rescue Plan, will dramatically help reduce child poverty, boost income security, and advance racial equities for so many children and their families," said Emma Mehrabi, director of poverty policy for the Children’s Defense Fund.
"If implemented well, it could cut child poverty by nearly half," Mehrabi added.
The tax cred is being compared to Social Security.
"We know the Social Security program was extremely consequential in lifting seniors out of poverty in the very same way the kinds of programs being funded through. The American Recovery Plan can do the same thing for children and families," said James Jimenez, executive director for NM Voices for Children.
The American Rescue Plan also includes money that could go toward tutoring, helping kids overcome the mental impacts of COVID, and expanding internet access.
But the most important thing is getting money to families who need it.
"All of the tax credits for businesses in the world aren’t going to make much difference if families don’t have the money to spend," Jimenez said.