Stansbury Releases New Numbers: Child Tax Credit Delivered $30.1 Million in Tax Cuts to NM-1 Families in August
According to a new report, Child Tax Credit tax cuts are generating nearly $20 billion in local economic activity each month nationwide, supporting local businesses and jobs
ALBUQUERQUE — As the third round of Child Tax Credit payments go out to families today, U.S. Representative Melanie Stansbury (N.M.-01) released a new report from the Joint Economic Committee today estimating that over 75,000 Child Tax Credit payments were sent to families in New Mexico’s First Congressional District in August. A total of $30.1 million in tax cuts went back in the pockets of hardworking New Mexico families.
Statewide, 233,000 monthly payments went to families in August, totaling $102 million. The average payment per household was $438.
Nationwide, the Joint Economic Committee estimates the Child Tax Credit tax cuts are pumping $19.3 billion into local economies each month, supporting local jobs and businesses.
“In a state where so many of our families are struggling to get by, these payments authorized in the American Rescue Plan are helping families put food on the table and a roof over their head,” said Rep. Stansbury. “Addressing childhood poverty and ensuring our families can meet their basic needs from food, to housing, to school expenses is vital to our state and very personal to me. That’s why we are fighting to make this tax cut and payments permanent in Congress. They are transformative for New Mexico.”
Families are using the expanded CTC payments to help meet the needs of their households. Among those who responded to the Census Bureau’s survey:
- 47% spent their CTC payment on food;
- 28% spent the funds on internet and other utilities;
- 26% spent funding on school expenses; and
- 17% of those with at least one child under age five spend it on child care.
Click HERE to learn more about the full Joint Economic Committee’s study on how the Child Tax Credit is supporting local economies nationwide.