More Than Half of Respondents Say 2021 CTC Made a Huge Difference in Their Family’s Finances
Two-Thirds of Parents Report They Are Already Struggling Financially in 2024, Families Report Affording Food (67%), Affording Utilities (56%), and Paying for Essentials (56%) as Top Concerns
January 31, 2024 — Today, as the U.S. House of Representative votes on a bipartisan tax deal that would expand the child tax credit in exchange for the reinstatement of three corporate tax breaks, ParentsTogether Action, a nonprofit family advocacy organization with more than 3 million members, released a new survey showing widespread public support from parents for expanding the Child Tax Credit. This finding comes as families report significant challenges staying afloat, with 65% of respondents reporting that their family is having trouble making ends meet.
If passed, this bill would expand the CTC for some of the lowest income families who are currently left out of receiving the full benefit, lifting 400,000 children out of poverty. Its impact could be felt quickly if it passes through Congress in the coming weeks in time for the 2023 tax filing season.
ParentsTogether’s January 2024 Economic Security Survey of nearly 900 parents in their network revealed overwhelming support for this proposal, with 91% of parents surveyed saying that they support the bill’s expansion of the Child Tax Credit.
The survey also revealed the immense difficulty families are having right now. It found that:
- Nearly two-thirds of parents (65%) surveyed said they were “struggling to make ends meet,” with an additional 24% of parents reporting that their families sometimes faced financial struggles.
- Of the 65% of parents who reported they were currently struggling to make ends meet, 68% reported their biggest challenge was affording food. Others said that affording heat and utilities this winter (56%), paying for essential items like gas, diapers, or formula (56%), and affording housing (42%) were some of their biggest challenges.
The survey also reinforced how impactful the 2021 expanded Child Tax Credit, which included monthly payments of up to $300 per child, was for families. After it expired in 2022, childhood poverty more than doubled — surging from 5.2% in 2021 to 12.4% in 2022. More than two thirds (68%) of parents surveyed said that the extra financial support from the monthly payments made a difference in their families economic security, with more than half (52%) saying they made a huge difference.
“It could not be clearer – parents across the country want Congress and President Biden to bring back the expanded Child Tax Credit. Overwhelming support for ensuring that lower income families are able to receive the full credit speaks volumes – parents know how hard it’s been to make ends meet and are demanding action,” said Ailen Arreaza, Executive Director of ParentsTogether Action. “Parents across the country are mobilizing in support of this bill, knowing it will make a real difference for millions of families. It’s time for Congress to quickly pass it into law and send near-immediate relief to millions of families when they file their 2023 taxes.”
“If passed, this bill will be a crucial first step in bringing back the full 2021 CTC expansion, which families will continue to fight for in the year ahead,” Arreaza added. “We have a proven tool that works almost immediately to ensure kids have enough food to eat and a roof over their heads – it’s long past time we use it.”