(CBS4) - Sen. Michael Bennet hosted a virtual town hall on Friday to discuss the Child Tax Credit expansion included in the American Rescue Plan signed by President Joe Biden. The tax credits are approved for one year, but Bennet hopes Congress will see the benefit and make them permanent.
"This is a historic step forward, and it's going to make a massive difference in the lives of kids and families here in Colorado and across the country. Our job now is to make the changes permanent," Bennet explained.
Single parents with incomes of up to $75,500 and married couples with incomes of up to $150,000 will receive a $3,600 tax credit per child for children under age 6 and a $3,000 tax credit for children 6 to 18 years old. The money will be paid out monthly and is expected to lift 57,000 kids in Colorado out of poverty and cut the national child poverty rate by nearly 50%.
While critics say the money will disincentive work, Bennet believes it will do the opposite for parents.
"This is a pro-work bill because what it's going to enable people to do is pay for an unexpected expense or pay for a babysitter so they can stay at work," he said in an interview with CBS4 Political Specialist Shaun Boyd.
"Costs associated with raising children are now one of the biggest barriers for upward economic mobility," said Elyssa Schmier, National Director, National Budget and Taxes with MomsRising. "Senator Bennet's successful push for an expanded Child Tax Credit in the Biden American Rescue Plan will be a lifeline for families and kids in Colorado and across the country."
For more information about the American Rescue Plan, including the Child Tax Credit, click here.
for more features.