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Vargas: Child Tax Credit Delivered Nearly $40 Million in Tax Cuts to California’s 51st District Families in October

Nov 17, 2021
Press Release
Child Tax Credit Tax Cuts are Generating Nearly $20 Billion in Local Economic Activity Nationwide

SAN DIEGO, CA (November 16, 2021) – Rep. Juan Vargas highlighted a new report from the Joint Economic Committee today estimating that 82,000 Child Tax Credit monthly tax cuts were sent to families in California’s 51st Congressional District in October. A total of $32.9 million in tax cuts went back into the pockets of hardworking 51st District families.

In California, 4,271,000 monthly tax cuts went to families in October, totaling $1.777 billion. The average tax cut was $416.

Nationwide, the Joint Economic Committee estimates the Child Tax Credit tax cuts are pumping $19.3 billion into local economies each month, supporting local jobs and business.

“This historic tax cut is putting more of hardworking families’ own money back into their pockets so they can pay for childcare, put food on the table, keep the lights on, and spend money at our local businesses to continue to grow our regional economy,” said Rep. Vargas. “We have a once-in-a-generation opportunity to extend and make these tax cuts permanent by passing the Build Back Better Act. I look forward to delivering for the hardworking people and families of California’s 51st District and will vote for the Build Back Better Act when it comes to the House floor.”

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