Sherrill Pushes for a Robust Child Tax Credit, Repeal of SALT Deduction Cap
Washington, DC — Today, Congresswoman Mikie Sherrill released the following statement on proposed tax legislation to boost the Child Tax Credit (CTC), which was significantly expanded in 2021 by the American Rescue Plan. That expansion expired at the start of 2022.
“Child poverty in America was cut in half after Congressional Democrats significantly expanded the Child Tax Credit through the American Rescue Plan. Sadly, Washington Republicans let that increased funding expire last year – erasing important progress for families. I applaud the bipartisan negotiations that led to this new tax deal to bring back this extremely important lifeline for so many families – in addition to important research and development incentives for American job creators. Expanding and protecting a robust CTC is a top priority in my fight to lower costs for New Jerseyans,” said Rep. Sherrill. “As this legislation is finalized, I will also make clear that any tax bill should include a repeal of the SALT deduction cap that has had a devastating impact on New Jersey families.”
Under current law, many low-income families do not make enough money to qualify for the full CTC or claim a credit for each of their children. With this deal, these low-income families will now be able to receive the CTC for each of their children. The deal also indexes the CTC to inflation, allowing most families to see an increase in their credit. This expansion will lift 400,000 children above the poverty line and benefit around 16 million children in low-income families in its first year of enactment.