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Pitchfork Economics with Nick Hanauer

Revisiting the Child Tax Credit (with Wendy Bach)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 23 January 2024

⏱️ 46 minutes

🧾️ Download transcript

Summary

A bipartisan group of lawmakers has agreed to expand the Child Tax Credit again, but it will be smaller than the pandemic-era credit was. If this version of the Child Tax Credit is passed by Congress and signed into law, it would benefit 16 million children in low-income families and lift at least half a million kids out of poverty. We thought it would be a good time to revisit this episode from 2021 with professor Wendy Bach, in which she explains everything you need to know about what the Child Tax Credit actually is, why it's a good policy, and how it impacts people's lives. This episode originally aired on August 24, 2021. Wendy Bach is a legal scholar and professor specializing in poverty law, criminal justice, and social welfare policy. She is currently a professor of law at the University of Tennessee College of Law. Bach's work focuses on the intersection of poverty, race, and the criminal justice system, with a particular emphasis on the rights and experiences of low-income individuals. She is the author of the book Prosecuting Poverty, Criminalizing Care. She is a nationally recognized expert on poverty law and criminal justice issues. Twitter: @wendyabach Congress is close to expanding the child tax credit again − with a smaller boost for families this time https://theconversation.com/congress-is-close-to-expanding-the-child-tax-credit-again-with-a-smaller-boost-for-families-this-time-221382# What’s in the New Child Tax Credit Proposal https://newrepublic.com/article/178131/bipartisan-expanded-child-tax-credit Prosecuting Poverty, Criminalizing Care https://bookshop.org/p/books/prosecuting-poverty-criminalizing-care-wendy-a-bach/18739149?ean=9781108465533 Biden’s child tax credit is a step away from a discriminatory system https://qz.com/2034199/how-does-the-us-child-tax-credit-work Two-thirds of people now receive monthly benefit checks https://www.peoplespolicyproject.org/2021/07/19/two-thirds-of-people-now-receive-monthly-benefit-checks The time tax https://www.theatlantic.com/politics/archive/2021/07/how-government-learned-waste-your-time-tax/619568 Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0

Hey Pitchfork listeners, Goldie here.

0:02.2

News broke last week that Congress has allegedly agreed

0:05.9

on a partial renewal of the expansion of the child tax credit.

0:10.3

And so we thought now would be a good time to re-air an episode from 2021 in which we talked with Wendy Bach about the trial tax credit and why it's so effective at lifting millions of children out of poverty.

0:26.4

We hope you enjoy.

0:28.7

The rising inequality and growing political instability that we see today

0:33.2

are the direct result of decades of bad economic theory.

0:37.4

It's time to build our economy from the bottom up

0:39.6

and from the middle out, not the top down. Middle out economics is the answer.

0:45.0

Because Wall Street didn't build this country.

0:47.0

The great middle class built this country.

0:49.0

The more the middle class thrives, the better the economy is for everyone even rich people like me. This is pitchfork economics with Nick Hanauer, a podcast about how to build the economy

1:08.0

from the middle out.

1:10.0

Welcome to the show. Big news recently, Nick, in July, the first checks went out to families with children from the expanded federal child tax credit.

1:26.5

It's a lot of money in working people's pockets.

1:30.8

It was part of the 1.9 trillion dollar COVID relief package that President Biden signed in March, and it has extended and expanded these credits for another year they had been part of the original COVID relief.

1:47.5

And it's as I said, it's a lot of money before the expansions.

1:52.0

Families provided with up to $2,000 per child under 17.

1:56.7

Now it's $3,600 for each child under 6 and $3,000 for each child under eighteen and it looks like

2:07.2

it's making a difference already. Absolutely I mean and the estimates predict the

2:11.9

payments could cut child poverty by nearly 50% which is

2:16.7

Amazing and that's a lot of children it is a lot of children You know in the US today one in seven children live below the official poverty line

...

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