According to the figures released
by the Census Bureau,
the expansions to
the Child Tax Credit (CTC) has
contributed to a 46% decline
in child poverty rates in Florida
since 2020.
Specifically, in the Southwest
Florida region, there was
a 54% decrease in child poverty
rates from 2019 figures.
This is great news, as it
means that more children are
now able to enjoy a better quality
of life.
The CTC is a refundable tax
credit that helps working families
with children.
It was expanded by the Tax
Cuts and Jobs Act of 2017,
which doubled the amount of
the credit for children under 17
and made it available to more
families.
What Is The Child Tax Credit?
The Child Tax Credit is a federal
tax credit that helps parents
offset the cost of raising children.
The credit is worth up to
$2,000 per child, and it’s available
to taxpayers who earn less
than $200,000 per year.
Thanks to recent expansions
to the Child Tax Credit, more
families are able to get help with
child care costs.
How Has The Child Tax
Credit Helped Reduce Child
Poverty In Florida?
Tax credits are designed
to help working families make
ends meet by providing a refundable
tax credit.
The amount of the credit depends
on the number of children
in the family and their income
level.
In 2020, the maximum value
of the Child Tax Credit is $2,000
per child.
The credit is gradually reduced
as the family’s income
increases, but it is still available
to families with incomes up to
$200,000.
The expansions to the Child
Tax Credit that were enacted in
2020 have made a significant impact
on child poverty in Florida.
Since 2020, child poverty
has declined by 46% in the
Southwest Florida region.
This is a direct result of the
increased value of the Child Tax
Credit and its expanded eligibility
criteria.
The decrease in poverty has
led to a number of positive outcomes,
such as a reduction in
food insecurity and homelessness,
and an increase in school
attendance.
What Other Factors Have
Contributed to the Decline in
Child Poverty in Florida?
So what’s behind this dramatic
decline in child poverty?
There are a number of factors
at play.
One key driver has been expansions
to the child tax credit.
This tax credit helps families
with incomes below a certain
threshold to offset the cost of
raising children.
In addition, the strong economy
has helped to create jobs
and increase wages, which in
turn has helped to reduce poverty
rates.
And finally, various state
and local initiatives have also
played a role in reducing poverty
among children.
What Challenges Still Remain in Reducing Child Poverty in Florida?
Despite the impressive progress
made in reducing child
poverty in Florida, there are still
many challenges that remain.
One major obstacle is connecting
low-income families with
the resources they need to get
back on their feet.
This can be a challenge, as
many families are reluctant to
seek help or are unaware of the
available resources.
Another challenge is ensuring
that all children have access
to high-quality education and
opportunities.
This includes early childhood
education, which has been
shown to be critical in helping
children from low-income families
catch up with their peers.
We must also continue to
raise awareness about the issue
of child poverty and its devastating
effects on children and
families
Only then can we work together
to find solutions and
make real progress in reducing
child poverty in Florida and beyond.
Not All Children Lifted Out of Poverty
While the expansions to the
Child Tax Credit have certainly
contributed to a decline in child
poverty in the Southwest Florida
region, not all children have
been lifted out of poverty.
In fact, there are still more
than 116,000 children living in
poverty in this area.
However, with more than
$330 million in credits being distributed
in 2020 alone, we are
seeing positive results and making
progress in our fight to end
child poverty.
We must continue to work together
to ensure that no child is
left behind.
We encourage all Floridians
to take advantage of the CTC
benefits if they are eligible.