Wednesday, July 14, 2021

Blog: Cash for Kids Comes to the United States

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The new child tax credit will radically reduce poverty, but millions of the poorest children might miss out. This initiative is a technical change to a federal tax expenditure that is also the most radical expansion of the welfare state since the Great Society. Beginning this week, the IRS will start sending monthly, no-strings-attached cash payments to an estimated 65 million children living in low- and middle-income families, potentially slashing the country's child poverty rate by 45 percent.

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