Child Tax Credit could spur 1.5 million parents to leave the workforce, study says
CBSN
The expanded Child Tax Credit (CTC) has already had an impact since it began delivering monthly checks in July to families with children ages 17 and under, with an immediate reduction in hardship. But a debate is arising over President Joe Biden's plan to extend the CTC through 2025, with some questioning whether the payments could convince some parents to drop out of the workforce.
Among them is University of Chicago economist Bruce Meyer, an expert on poverty and social safety net programs. His new analysis of the program estimates that as many as 1.5 million parents could leave the workforce due to the payments, or about 2.6% of all working parents.
But other economists are pushing back, saying there's no evidence that the CTC payments so far have impacted work participation among parents, for example.
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