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Sunday, March 27th, 2022

Research Finds Investment in Permanent Child Tax Credit Would Pay Off 10-Fold.

Author:     Sharon Zhang
Source:     truthout
Publication Date:     March 25, 2022
 Link: Research Finds Investment in Permanent Child Tax Credit Would Pay Off 10-Fold.
Stephan:   You would think any human capable of rational thought would recognize that supporting the young of a country would result in many benefits, benefits far exceeding the costs of such support. Now we have factual evidence that this is true. But compared with the rest of the developed world the United States does not see this nor like children very much. It is very sad. (see SR archives). Citation for the research study upon which this report is based: https://www.nber.org/papers/w29854
Families in the audience listen to President Joe Biden and Vice President Kamala Harris deliver remarks on the day tens of millions of parents get their first monthly payments from the Child Tax Credit in the South Court Auditorium in the Eisenhower Executive Office Building on July 15, 2021, in Washington, D.C.
Credit: Chip Somodevilla / Getty

New research finds that if the expanded child tax credit were made permanent, the social and economic benefits from the investment would far outweigh the costs of the program.

A working paper from Columbia University, Barnard College and Open Sky Policy Institute researchers finds that if low-income families with one child saw their income increase by $1,000 a year, the benefits would outweigh the cost of the program 10-fold.

While making the program permanent would cost the government $97 billion, it would create social benefits worth $982 billion. These benefits include direct impacts, like improved health and longevity for both children and parents and increased future earnings for the children, and indirect benefits, like lower crime rates. Taxpayers would also benefit, saving $135 billion […]

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