American families are starting see their first monthly checks as a result of a historic expansion of the child tax credit. The expansion in March means that families will now be eligible to receive up to $300 a month per child. It could have a major impact on the child poverty rate nationwide.
A study published by the Center on Poverty and Social Policy at Columbia University found that, if successful, the policy could cut the childhood poverty rate by nearly 45%.
But to be successful the money will have to reach the nation's lowest wage earners, including those who are not required to file income taxes, may not have stable housing and may be unbanked. Nearly 5% of Ohioans are unbanked, according to an FDIC 2019 survey.
Joining Cincinnati Edition to discuss the child tax credit are Center on Poverty and Social Policy at Columbia University Research Director Sophie Collyer; and Policy Matters Ohio Budget Researcher Will Petrik.
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