Raskin Promotes New Study Showing Child Tax Credit Pumped $262,332,000 Into Maryland Economy in July

Tax Cut Put $18.6 Billion into Local Economies Nationwide, Supporting Businesses and Jobs

August 13, 2021

MARYLAND — Congressman Jamie Raskin (MD-08) promoted a new study today showing the Child Tax Credit pumped $18.6 billion into local economies nationwide in July. In Maryland, this tax cut for working families put a total of $262,332,000 into families’ pockets benefiting 1,072,000 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.

“The Child Tax Credit is already giving families the resources they need to overcome the economic damage caused by the COVID-19 pandemic,” said Rep. Raskin. “Not only is this tax cut for working families alleviating hardship for Marylanders, it’s also invigorating our local economies. I worked hard to include the Child Tax Credit in the American Rescue Plan, and I will continue advocating to make it a permanent tax cut for working people.”

Click HERE to learn more about the full Joint Economic Committee’s study on how the Child Tax Credit is supporting local economies nationwide.