[LWVNM Action] Child Tax Credit is a major priority for the LWVNM

[Richard Mason]

The LWVNM Is working with NM Voices for Children to promote an increase in
the Child Tax Credit. I am attaching a LWVNM Fact sheet with the following
content:
Please promote with your legislators.


*Legislative Priorities for Fairness, Finance, and Taxes 2023 Increase the
Child Tax Credit*



*LWVNM believes that the tax system should be progressive and
equitable, **taking
into consideration relevant differences in annual income. *





*As part of the overall tax package the LWVNM is supporting an increase in
the Child Tax Credit.*

*This would make our overall tax system more progressive.*



Policies like the Child Tax Credit (CTC) that boost economic opportunity
for families are shown to reduce childhood poverty and improve outcomes for
kids and their families. What’s more, they allow families to determine how
best to spend the money based on their needs, and families spend the
credits quickly and locally, benefiting businesses and the economy too. In
addition, the CTC will increase racial, gender and income equity.

New Mexico recently enacted a new state-level CTC that will provide
benefits to every single child throughout the state. Increasing the credit
to an even more meaningful amount will only build on this progress and
provide greater economic security to our families.



*Some proven benefits include:*






*Improvements in infant and maternal health             Decreased poverty
            Reduced childhood hunger             Better test scores
            Higher graduation and college attendance rates6
More earning power as adults*



Temporary expansions in the federal Child Tax Credit helped New Mexico
parents meet the basic needs of their families. The credits were used to
purchase basic necessities such as food and housing, and to pay off debt.
That temporary expansion was not renewed. That is even more reason the
state must continue to take the lead and ensure all New Mexico families can
meet their needs and thrive.
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