ICYMI Press Call Transcript: New Dem Chair Suzan DelBene Calls on House Leadership to Move Enhanced Child Tax Credit and R&D Tax Credit Fix in End-of-Year Package
Today, New Democrat Coalition Chair Suzan DelBene (WA-01) held a press call urging House Leadership to prioritize the enhanced Child Tax Credit (CTC) in an end-of-year legislative package as well as to advance the Research and Development (R&D) tax credit fix.
You can read a transcript of the press call below and read more on this effort here:
Chair Suzan DelBene (WA-01): “I’m Suzan DelBene, the Chair of the New Democrat Coalition, and I’m excited to talk about the New Dem economic message and our Coalition's plan to strengthen the economy.
“New Dems have always been laser-focused on building on Democrats’ historic economic growth under President Biden and creating opportunities for working families.
“And that’s why 51 New Dems sent a letter this morning calling on House Democratic Leadership to move the expanded Child Tax Credit and the R&D Tax Credit fix together in any end-of-the -year package. These economic policies and investments will enable American families, businesses, and our country to succeed.
“Earlier this year, New Dems released our Action Plan to Fight Inflation, and it lays out an affordability agenda and steps that Congress and the administration can take to lower costs for Americans, including renewing the enhanced Child Tax Credit. The enhanced Child Tax Credit was one of the most impactful policies of the American Rescue Plan - lifting millions of children out of poverty and cutting the poverty rate nearly in half in a single year.
“The numbers speak for themselves, and we have lots of numbers!
“When the CTC was in place in 2021, most working families qualified for an annual credit between $3,000 and $3,600 per child. This extra cash goes a long way to helping Americans get by. But any parent knows kids don’t grow up in a year, and we risk losing all that progress by not extending the credit.
“The CTC allows parents to return to work and help jumpstart our economy. I’ve heard firsthand the immediate impact the CTC has had on the daily lives of families throughout the country.
“A mother in my district told me that before the CTC she was working three jobs, but the regular monthly checks allowed her to work two jobs, provide the necessities for her children, and be able to spend more time with them. Other parents have spoken about how the CTC has helped them get food on the table, pay for child care, and cover other necessities like energy bills – especially with rising costs. The bottom line is that when children and families have the resources to succeed, our economy and our nation succeed.
“In addition to supporting working families, we need to support our American businesses and innovation. And that’s why New Dems are also pushing to enact a Research & Development Tax Credit Fix in an end-of-the-year package.
“In 2017, Republicans made a disastrous change to the R&D tax credit in their tax law that stifles U.S. competition and innovation. We’ve been working closely with stakeholders in affected industries to find solutions.
“Now, there is bipartisan support for fixing this mistake in an end-of-the-year bill so U.S. businesses, workers, students, and entrepreneurs can fully benefit from all the transformative investments Democrats have passed this year from the Inflation Reduction Act to the CHIPS and Science Act.
“Our message today is that Democrats must advance legislation that supports families by renewing the expanded Child Tax Credit and benefit our economy and innovation.
“As a lead on both the standalone CTC expansion legislation and the R&D credit fix bill, I know how essential both policies are to strengthening our economy – and we should advance both of them.
“As the majority makers in Congress, New Dems know that good policy is good politics and Americans want to know what we'll do to bring down costs, create jobs, and strengthen the economy, and New Dems have always had a plan.
“We call on Congress to advance both of these policies before the end of the year, and we will continue to work with folks across the aisle to make that happen.”
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