Missing Voices in the Child Tax Credit Frenzy – Parents
Professors Daniel Schneider and Peter Tufano write for The Hill that one set of voices missing from the child tax credit discussion has been parents. In partnership with JDPower, the professors conducted a national survey in June to explore parents’ thoughts. The survey indicated that even prior to the increased national media attention on child tax policy, parents’ level of awareness about the credit was already high, and over 60 percent were aware of a tax credit that they had not yet received. More than half of eligible recipients (58 percent) reported that the program would have a large or very large impact on their family finances, with another 24 percent describing the impact as moderate. When asked their plans for using the credit, parents indicated they would use these funds for essential saving purposes and to balance household budgets. The top four planned uses for the funds are saving for kids’ education, direct purchases for kids, paying off bills, and shopping for groceries. More financially stable families were more likely to use the funds for kids’ savings; less financially stable families for purchases for kids and for groceries.