Congressman Cohen Releases New Study Showing Child Tax Credit Added $402 Million to Tennessee Economy in July Alone
MEMPHIS — Congressman Steve Cohen (TN-09) released a new study today showing the Child Tax Credit pumped $18.6 billion into local economies nationwide in July alone. In Tennessee, this tax cut for working families put a total of $401,989,000 into the local economy and $321,591,000 million directly into families’ pockets benefiting 1,260,000 children in July. Based on the July payments, the new study from the Joint Economic Committee estimates the Child Tax Credit Monthly Payments will continue to pump $18.6 billion into local economies each month. Beginning today, the second round of the monthly advance payments are being distributed.
Congressman Steve Cohen made the following statement:
“This historic tax cut is putting more hardworking families’ own money back in their pockets to support their families, spend at local businesses and drive hiring in Memphis and around the country.”
To learn more about the Joint Economic Committee’s study on the economic impact of the Child Tax Credit, please click here.