New Analysis Highlights Major Economic Benefits of Biden Child Tax Credit

Even conservative-leaning think tanks can't help highlighting the powerful economic benefits of the Biden Child Tax Credit.

A new analysis from the Niskanen Center shows the historic middle class tax cut passed by House Democrats will 'provide significant benefits to the broader economy, especially in rural America,' and 'provide support for more than 500,000 new jobs.'

A co-author of the report, which also found the tax cut provides significant economic benefits to Repulican districts, told the Washington Post, 'It's strange to see Republicans oppose spending money even when it goes to their own constituents.'

According to the report, the middle class tax cut that every Republican in Congress voted against is expected to:

• Boost consumer spending by $27 billion;

• Generate $1.9 billion in revenues from state and local sales taxes;

• And support over 500,000 full time jobs.

'House Democrats passed the Biden Child Tax Credit because we knew this tax cut would help hard-working families and our economy build back stronger after experiencing a devastating pandemic,' said DCCC Spokesperson Chris Taylor. 'This tax cut is providing a huge boost not only for families, but businesses and workers too, especially in rural communities, and House Republicans tried to block this economic relief from the American people every step of the way.'

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