Beginning tomorrow, Thursday, July 15, working families across North Carolina will start receiving a monthly tax cut that was established under the American Rescue Plan — the Biden Administration COVID-19 recovery package that was voted down by every Republican member of Congress, including U.S. Sens. Richard Burr and Thom Tillis.
Unlike Republicans’ 2017 tax law — which was projected to send more than 80% of its benefits to the richest 1% of income-earners and large corporations like Chevron, Eli Lily, and Wells Fargo — this tax cut is returning money back to the pockets of working families: The American Rescue Plan’s expanded child tax credit will benefit 39 million families — with families receiving a monthly tax cut of up to $300-per-child.\
Under the expanded child tax credit, “all but the most affluent families [are] eligible to receive up to $300 a month per child,” according to the New York Times, such that “the payments will cut child poverty by nearly half, an achievement with no precedent.”
Thom Tillis and the Republican candidates running in the messy primary to replace Richard Burr — including Ted Budd, Mark Walker, and Pat McCrory, each of whom has criticized the American Rescue Plan — will have to answer for their opposition to this program that is expected to lift up millions of American families.
Here’s a look at how the expanded tax cut has been covered:
Published: Jul 14, 2021