Opinion

Garavito: Here’s what’s missing from Inflation Reduction Act

Posted 8/11/22

I am pleased that the Inflation Reduction Act will help Americans by reducing health care costs...

This story requires a subscription for $5.99/month.

Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here.

Otherwise, click here to subscribe.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $5.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor
Opinion

Garavito: Here’s what’s missing from Inflation Reduction Act

Posted

I am pleased that the Inflation Reduction Act will help Americans by reducing health care costs and making corporations pay a fairer share of taxes.

But there is one big missing consideration from the bill — the expanded Child Tax Credit.

The 2021 CTC expansion with monthly payments was nothing less than extraordinary. After payments began in July 2021, child poverty dropped by 40%, food security increased, and families finally made ends meet. But Congress let the expanded CTC expire at the end of last year.

Even though, currently Arizona has among the highest inflation rates in the country according to the U.S. Labor Statistics, families are still struggling with higher costs for rent, food and gas.

Congress is expected to pass a bipartisan tax bill at the end of this year, which will include tax breaks for corporations. That future bill must prioritize children and families first by not letting infrastructure spending offset spending and tax relief provisions allocated to children and families.

I urge our members of Congress to pass an expanded Child Tax Credit that reaches the lowest-income families and includes monthly payments in any tax legislation this year.