Senators Peters and Stabenow Announce Over 1 Million Families Have Received Tax Cuts this Year from the American Rescue Plan

WASHINGTON, DC—U.S. Senators Gary Peters and Debbie Stabenow announced new data showing over 1 million Michigan families have received tax cuts this year because of the American Rescue Plan. In October, 1,021,000 Michigan families received payments totaling $453 million. Since the payments began on July 15, Michigan families have received a total of $1.8 billion.

Studies show that these tax cuts have helped support the immediate needs of Michigan families such as food, clothes and child care, and already millions of children have been lifted out of poverty. The Columbia Center on Poverty and Social Policy found that initial payments caused a 25% decline in food insufficiency among low-income families with children. To view the full data on the impact in Michigan, click here.

“This tax cut for families was a critical part of the American Rescue Plan we passed into law. Thanks to this tax cut, families across Michigan have seen significant relief to help get through what has been an incredibly difficult time in our country,” said Senator Peters. “This tax cut has lifted children out of poverty and helped parents get back to work to rebuild our economy. I was proud to pass this historic tax cut into law to make a real difference in the lives of Michigan families working to make ends meet.”

“This pandemic has been tough for everyone, but families with children have been hit especially hard. This year, millions of families received a much-needed tax cut, and we are seeing just how much it has improved their lives. This tax cut is helping families pay for what they need most—food and clothes. It is also helping many moms and dads pay for child care and other essentials, allowing them to successfully return to work. This important part of the American Rescue Plan is improving the lives of more than a million Michigan families,” said Senator Stabenow.

Senators Peters and Stabenow were leaders in the effort to include a historic expansion of the Child Tax Credit in the American Rescue Plan. Michigan families began to receive this tax cut on July 15th. Monthly payments are up to $250 for each child 6 to 17 years old and $300 for each child under age 6.

The tax cuts are currently ongoing and the last payment will go out on December 15. If families have not received a child tax credit payment, the deadline to sign up is November 15. A family can sign up at childtaxcredit.gov. 

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