President Biden’s Child Tax Credit Is Reducing Financial Anxiety and Rebounding the Economy

Updated: Sep 16, 2021

On July 15, the first round of the expanded Child Tax Credit, a monthly tax cut included in President Biden and Democrats’ American Rescue Plan intended to provide families relief from the coronavirus pandemic, hit American families’ bank accounts.

Following a downturn throughout the coronavirus pandemic, the United States’ economy, including in North Carolina, is bouncing back thanks to President Biden’s economic plan.

President Biden is showing an unprecedented level of trust for parents. He knows that we know best how to take care of our kids when given the resources to do it." - Parent in Asheville

A recent report by CNBC showed that just one of these tax cuts reduced financial anxiety by 56 percent for working families.


In North Carolina, parents across the state have testified to how much of a difference these payments have made in their lives. In Durham, parents have said “It’s a blessing”, “