FGA CONDEMNS CHILD TAX CREDIT EXTENSION IN DESTRUCTIVE SPENDING BILL
- BY FGA
The Democrats’ latest Build Back Better Act will further cripple America’s economy and keep needed workers out of the labor force. The multi-trillion dollar spending bill is filled with more than 2,000 pages of disastrous policies, disincentives to work, and inflated benefit programs, most notably a year-long extension of the harmful Child Tax Credit.
President Biden’s Child Tax Credit rewards dependency and discourages parents from seeking employment. Tax credits are already available to almost every parent in the nation, while less than half of the value of this expanded credit actually goes to families in poverty.
Americans understand that the Biden Child Tax Credit is simply a very bad deal for low-income Americans. The bill fundamentally transforms the Child Tax Credit into welfare without any work requirement—placing small business owners into direct competition with the federal government.
“Americans have had enough. This latest spending bill is fiscally irresponsible and will contribute to even more inflation, unnecessarily hurting millions of Americans’ wallets alongside our already devastated labor force,” said Robin Walker, Senior Director of Federal Affairs. “Additionally, changes to the Child Tax Credit earlier this year have overall conditioned families to expect ‘free’ money regularly from the government. This extension reinforces that unhealthy expectation.”
The Foundation for Government Accountability is a non-profit, multi-state think tank that specializes in health care, welfare, work, and election reform. To learn more, visit https://TheFGA.org