Larson: Child Tax Credit Delivered More than $30 Million in Tax Cuts to CT-01 Families in October
Washington, D.C. — Rep. John B. Larson (CT-01), a senior member of the Ways and Means Committee, released a new report from the Joint Economic Committee today estimating 77,000 Child Tax Credit monthly tax cuts were sent to families in the First Congressional District in October. More than $30 million in tax cuts went back in the pockets of hardworking CT-01 families.
Statewide, 581,000 monthly tax cuts went to families in October for a total of $143 million. Nationwide, the Joint Economic Committee estimates the Child Tax Credit tax cuts are pumping $19.3 billion into local economies each month, supporting local jobs and businesses.
“This historic tax cut is putting money in hardworking families’ pockets so they can pay for child care, put food on the table, cover school expenses, and more. I was proud to work with the Ways and Means Committee to draft this provision of the American Rescue Plan COVID relief bill because that money is going right back into our local communities,” said Larson. “This would not have been possible without the leadership of Connecticut’s own, Rep. Rosa DeLauro, who fought long and hard for this provision and we are seeing just how much it is helping our neighbors locally and nationally. We will continue the fight to have its extension included in the Build Back Better Act.”
Click HERE to learn more about the full Joint Economic Committee’s study on how the Child Tax Credit is supporting local economies nationwide.