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The Anti Poverty Targeting And Labor Supply Effects Of Replacing A Child Tax Credit With A Child Allowance
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Book Synopsis The Anti-Poverty, Targeting, and Labor Supply Effects of Replacing a Child Tax Credit with a Child Allowance by : Kevin Corinth
Download or read book The Anti-Poverty, Targeting, and Labor Supply Effects of Replacing a Child Tax Credit with a Child Allowance written by Kevin Corinth and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The replacement of the Child Tax Credit (CTC) with a child allowance has been advocated by numerous policymakers and researchers. We estimate the anti-poverty, targeting, and labor supply effects of such a change by linking survey data with administrative tax and government program data which form part of the Comprehensive Income Dataset (CID). We focus on the provisions of the 2021 Build Back Better Act, which would have increased maximum benefit amounts to $3,000 or $3,600 per child (up from $2,000 per child) and made the full credit available to all low and middle-income families regardless of earnings or income. Initially ignoring any behavioral responses, we estimate that the replacement of the CTC would reduce child poverty by 34% and deep child poverty by 39%. The change to a child allowance would have a larger anti-poverty effect on children than any existing government program, though at a higher cost per child raised above the poverty line than any other means-tested program. Relatedly, the child allowance would allocate a smaller share of its total dollars to families at the bottom of the income distribution--as well as families with the lowest levels of long-term income, education, or health--than any existing means-tested program with the exception of housing assistance. We then simulate anti-poverty effects accounting for labor supply responses. By replacing the CTC (which contained substantial work incentives akin to the EITC) with a child allowance, the policy change would reduce the return to working at all by at least $2,000 per child for most workers with children. Relying on elasticity estimates consistent with mainstream simulation models and the academic literature, we estimate that this change in policy would lead 1.5 million workers (constituting 2.6% of all working parents) to exit the labor force. The decline in employment and the consequent earnings loss would mean that child poverty would only fall by at most 22% and deep child poverty would not fall at all with the policy change.
Book Synopsis The Anti-Poverty, Targeting, and Labor Supply Effects of the Proposed Child Tax Credit Expansion by : Kevin Corinth
Download or read book The Anti-Poverty, Targeting, and Labor Supply Effects of the Proposed Child Tax Credit Expansion written by Kevin Corinth and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The proposed change under the American Families Plan (AFP) to the Tax Cuts and Jobs Act (TCJA) Child Tax Credit (CTC) would increase maximum benefit amounts to $3,000 or $3,600 per child (up from $2,000 per child) and make the full credit available to all low and middle-income families regardless of earnings or income. We estimate the anti-poverty, targeting, and labor supply effects of the expansion by linking survey data with administrative tax and government program data which form part of the Comprehensive Income Dataset (CID). Initially ignoring any behavioral responses, we estimate that the expansion of the CTC would reduce child poverty by 34% and deep child poverty by 39%. The expansion of the CTC would have a larger anti-poverty effect on children than any existing government program, though at a higher cost per child raised above the poverty line than any other means-tested program. Relatedly, the CTC expansion would allocate a smaller share of its total dollars to families at the bottom of the income distribution--as well as families with the lowest levels of long-term income, education, or health--than any existing means-tested program with the exception of housing assistance. We then simulate anti-poverty effects accounting for labor supply responses. By replacing the TCJA CTC (which contained substantial work incentives akin to the Earned Income Tax Credit) with a universal basic income-type benefit, the CTC expansion reduces the return to working at all by at least $2,000 per child for most workers with children. Relying on elasticity estimates consistent with mainstream simulation models and the academic literature, we estimate that this change in policy would lead 1.5 million workers (constituting 2.6% of all working parents) to exit the labor force. The decline in employment and the consequent earnings loss would mean that child poverty would only fall by 22% and deep child poverty would not fall at all with the CTC expansion.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309483980 Total Pages :619 pages Book Rating :4.3/5 (94 download)
Book Synopsis A Roadmap to Reducing Child Poverty by : National Academies of Sciences, Engineering, and Medicine
Download or read book A Roadmap to Reducing Child Poverty written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2019-09-16 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: The strengths and abilities children develop from infancy through adolescence are crucial for their physical, emotional, and cognitive growth, which in turn help them to achieve success in school and to become responsible, economically self-sufficient, and healthy adults. Capable, responsible, and healthy adults are clearly the foundation of a well-functioning and prosperous society, yet America's future is not as secure as it could be because millions of American children live in families with incomes below the poverty line. A wealth of evidence suggests that a lack of adequate economic resources for families with children compromises these children's ability to grow and achieve adult success, hurting them and the broader society. A Roadmap to Reducing Child Poverty reviews the research on linkages between child poverty and child well-being, and analyzes the poverty-reducing effects of major assistance programs directed at children and families. This report also provides policy and program recommendations for reducing the number of children living in poverty in the United States by half within 10 years.
Book Synopsis Measuring Poverty by : National Research Council
Download or read book Measuring Poverty written by National Research Council and published by National Academies Press. This book was released on 1995-05-26 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each year's poverty figures are anxiously awaited by policymakers, analysts, and the media. Yet questions are increasing about the 30-year-old measure as social and economic conditions change. In Measuring Poverty a distinguished panel provides policymakers with an up-to-date evaluation of: Concepts and procedures for deriving the poverty threshold, including adjustments for different family circumstances. Definitions of family resources. Procedures for annual updates of poverty measures. The volume explores specific issues underlying the poverty measure, analyzes the likely effects of any changes on poverty rates, and discusses the impact on eligibility for public benefits. In supporting its recommendations the panel provides insightful recognition of the political and social dimensions of this key economic indicator. Measuring Poverty will be important to government officials, policy analysts, statisticians, economists, researchers, and others involved in virtually all poverty and social welfare issues.
Book Synopsis Improving Children's Lives by : Rebecca Y. Kim
Download or read book Improving Children's Lives written by Rebecca Y. Kim and published by Routledge. This book was released on 2021-12-13 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1996. For the last three decades, the public income transfer system for families with children in the United States has been criticized for being overly targeted on extremely poor families headed by single mothers. Most criticism has focused on two features of the system: its categorical nature and its reliance on income-tested benefits. Categorical requirements for eligibility, which limit benefits mainly to single-parent families, have been criticized as unfair to two-parent families and as discouraging marriage. Income-tested benefits have been reprimanded because they discourage work in that they reduce benefits by extremely high rates as earnings increase. To remedy these shortcomings of the over-targeted system, the author discusses three policy proposals, all providing universal benefits: (1) a refundable tax credit for children; (2) universal health care coverage; and (3) a child support assurance system.
Book Synopsis Kids Having Kids by : Rebecca A. Maynard
Download or read book Kids Having Kids written by Rebecca A. Maynard and published by Routledge. This book was released on 2018-08-09 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1997. Adolescent mothers are more likely to encounter a variety of economic and social ills than women who delay childbearing until they are adults. This work is a comprehensive examination of the extent to which these undesirable outcomes are attributable to teen pregnancy itself rather than to the wider environment in which most of the pregnancies and the subsequent child-rearing take place. It also examines the consequences of adolescent pregnancy for the fathers of children, and even more importantly, for the children themselves.
Book Synopsis Household-expenditure and Labor-supply Effects of the Child-care Tax Credit by : Theo Edwin Maloy
Download or read book Household-expenditure and Labor-supply Effects of the Child-care Tax Credit written by Theo Edwin Maloy and published by . This book was released on 1992 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309484014 Total Pages :619 pages Book Rating :4.3/5 (94 download)
Book Synopsis A Roadmap to Reducing Child Poverty by : National Academies of Sciences, Engineering, and Medicine
Download or read book A Roadmap to Reducing Child Poverty written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2019-08-16 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: The strengths and abilities children develop from infancy through adolescence are crucial for their physical, emotional, and cognitive growth, which in turn help them to achieve success in school and to become responsible, economically self-sufficient, and healthy adults. Capable, responsible, and healthy adults are clearly the foundation of a well-functioning and prosperous society, yet America's future is not as secure as it could be because millions of American children live in families with incomes below the poverty line. A wealth of evidence suggests that a lack of adequate economic resources for families with children compromises these children's ability to grow and achieve adult success, hurting them and the broader society. A Roadmap to Reducing Child Poverty reviews the research on linkages between child poverty and child well-being, and analyzes the poverty-reducing effects of major assistance programs directed at children and families. This report also provides policy and program recommendations for reducing the number of children living in poverty in the United States by half within 10 years.
Book Synopsis Effects of the Expanded Child Tax Credit on Employment Outcomes by : Elizabeth Ananat
Download or read book Effects of the Expanded Child Tax Credit on Employment Outcomes written by Elizabeth Ananat and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies have established that the expanded Child Tax Credit (CTC), which provided monthly cash payments to most U.S. families with children from July to December 2021, substantially reduced poverty and food hardship. Other studies posit, however, that the CTC payments may generate negative employment effects that could offset its potential poverty-reduction effects. Scholars have simulated employment scenarios assuming various labor supply elasticities, but less work has empirically assessed how the monthly payments affected employment outcomes using real-world data. To evaluate employment effects, we apply a series of difference-in-differences analyses using data from the monthly Current Population Survey and the Census Pulse, both from April through December 2021. Across both samples and several model specifications, we find very small, inconsistently signed, and statistically insignificant impacts of the CTC both on employment in the prior week and on active participation in the labor force among adults living in households with children. Further, labor supply responses to the policy change do not differ for households for whom the CTC's expansion eliminated a previous work incentive. Thus, our analyses of real-world data suggest that the expanded CTC did not have negative short-term employment effects that offset its documented reductions in poverty and hardship.
Book Synopsis Globalization and Poverty by : Ann Harrison
Download or read book Globalization and Poverty written by Ann Harrison and published by University of Chicago Press. This book was released on 2007-11-01 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
Book Synopsis Universal, Targeted Or Both by : Kerstin Bruckmeier
Download or read book Universal, Targeted Or Both written by Kerstin Bruckmeier and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a set of hypothetical reforms of child benefits in Germany, using a static tax-benefit microsimulation model augmented with endogenous labour supply and take-up choices (IAB-MSM). We distinguish between a reform of the universal non-means-tested child benefit, a reform of the mean-tested child benefit under the minimum income scheme, and a combination of both. Since the reforms are associated with different fiscal costs, we consider two different budget closures: an increase in the income tax or a consumption tax. The model simulates the impacts of the reforms on household income, poverty and labour supply. We find that improvements in the means-tested child benefit are well-targeted: They provide a high level of poverty reduction with a low fiscal impact at the cost of reduced labour supply incentives for low-income families. When unconditional benefits are increased, the effect on overall income inequality is more pronounced at the cost of reduced labour supply incentives for middle- and high-income families. Finally, when combined, the two approaches show synergies, particularly in the form of improved poverty reduction.
Author :National Bureau of Economic Research Publisher :University of Chicago Press ISBN 13 :9780226533568 Total Pages :224 pages Book Rating :4.5/5 (335 download)
Book Synopsis Means-Tested Transfer Programs in the United States by : National Bureau of Economic Research
Download or read book Means-Tested Transfer Programs in the United States written by National Bureau of Economic Research and published by University of Chicago Press. This book was released on 2003-10-15 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few United States government programs are as controversial as those designed to aid the poor. From tax credits to medical assistance, aid to needy families is surrounded by debate—on what benefits should be offered, what forms they should take, and how they should be administered. The past few decades, in fact, have seen this debate lead to broad transformations of aid programs themselves, with Aid to Families with Dependent Children replaced by Temporary Assistance to Needy Families, the Earned Income Tax Credit growing from a minor program to one of the most important for low-income families, and Medicaid greatly expanding its eligibility. This volume provides a remarkable overview of how such programs actually work, offering an impressive wealth of information on the nation's nine largest "means-tested" programs—that is, those in which some test of income forms the basis for participation. For each program, contributors describe origins and goals, summarize policy histories and current rules, and discuss the recipient's characteristics as well as the different types of benefits they receive. Each chapter then provides an overview of scholarly research on each program, bringing together the results of the field's most rigorous statistical examinations. The result is a fascinating portrayal of the evolution and current state of means-tested programs, one that charts a number of shifts in emphasis—the decline of cash assistance, for instance, and the increasing emphasis on work. This exemplary portrait of the nation's safety net will be an invaluable reference for anyone interested in American social policy.
Book Synopsis The Short-Term Labor Supply Response to the Expanded Child Tax Credit by : Brandon Enriquez
Download or read book The Short-Term Labor Supply Response to the Expanded Child Tax Credit written by Brandon Enriquez and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the extensive and intensive margin labor supply response to the monthly Child Tax Credit disbursed in 2021 as a part of the American Rescue Plan Act. Using Current Population Survey microdata, we compare labor supply outcomes among households who qualify for varying relative increases in household income, as a result of their income level and household size. We do not find strong evidence of a change in labor supply for families receiving the credit. The results are robust to alternative labor supply models, where households respond mainly to cash on hand or changes in the annual budget set.
Download or read book Making Work Pay written by Bruce D. Meyer and published by Russell Sage Foundation. This book was released on 2001 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its inception under President Ford in 1975, the Earned Income Tax Credit (EITC) has become the largest antipoverty program for the non-elderly in the United States. In 1998, more than nineteen million families received EITC payments, and the program lifted over four million Americans above the poverty line. Despite the rapid growth of the EITC throughout the 1990s, little has been written about how the program works or how it affects low-income families. Making Work Pay provides the first full-scale examination of the EITC, exploring its effects on income distribution, poverty, work, and marriage. Making Work Pay opens with a history of the EITC—its emergence in the 1970s as a pro-work, low-cost antipoverty program and its expansion through the 1980s and 1990s. The central chapters in the volume look at the substantial impact of the EITC on work incentives in recent years and show that the program, in combination with welfare reform and a strong economy, has led to an unprecedented increase in the employment of single mothers. In one study, researchers conclude that the EITC—with its stipulation that one family member be a wage earner—was the most important change in work incentives for single mothers between 1984 and 1996, a period when the employment rate of single mothers rose sharply. Several chapters outline proposals for reforming the program, addressing the concerns by policymakers about the work disincentives that rise as benefits fall with increasing income. Finally, Making Work Pay examines how EITC recipients view the credit and what they do with it once they get it. The contributors find that not only does EITC's lump-sum payment increase consumption but it also allows recipients to make changes in economic status. Many families use the end-of-the-year payment as a form of forced savings, enabling them to save for home improvement, a new car, or other purchases to improve their lives, and providing the extra economic cushion needed to move beyond mere day-to-day survival. Comprehensive in scope, Making Work Pay is an indispensable resource for policymakers, administrators, and researchers seeking to understand the ramifications of the country's largest programs for aiding the working poor.
Book Synopsis Policies to Address Poverty in America by : Melissa Kearney
Download or read book Policies to Address Poverty in America written by Melissa Kearney and published by Brookings Institution Press. This book was released on 2014-06-19 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: One-in-seven adults and one-in-five children in the United States live in poverty. Individuals and families living in povertyÊnot only lack basic, material necessities, but they are also disproportionally afflicted by many social and economic challenges. Some of these challenges include the increased possibility of an unstable home situation, inadequate education opportunities at all levels, and a high chance of crime and victimization. Given this growing social, economic, and political concern, The Hamilton Project at Brookings asked academic experts to develop policy proposals confronting the various challenges of AmericaÕs poorest citizens, and to introduce innovative approaches to addressing poverty.ÊWhen combined, the scope and impact of these proposals has the potential to vastly improve the lives of the poor. The resulting 14 policy memos are included in The Hamilton ProjectÕs Policies to Address Poverty in America. The main areas of focus include promoting early childhood development, supporting disadvantaged youth, building worker skills, and improving safety net and work support.
Book Synopsis Expanding New York State's Earned Income Tax Credit Program by : Maximilian D. Schmeiser
Download or read book Expanding New York State's Earned Income Tax Credit Program written by Maximilian D. Schmeiser and published by . This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given its favorable employment incentives and ability to target the working poor, the Earned Income Tax Credit (EITC) has become the primary antipoverty program at both the federal and state levels. However, when evaluating the effect of EITC programs on income and poverty, governments generally calculate the effect using simple accounting, where the value of the state or federal EITC benefit is added to a person's income. These calculations omit the behavioral incentives created by the existence of these programs, the corresponding effect on labor supply and hours worked, and therefore the actual effect on income and poverty. This paper simulates the full effect of an expansion of the New York State EITC benefit on employment, hours worked, income, poverty, and program expenditures. These results are then compared to those omitting labor supply effects. Relative to estimates excluding labor supply effects, the preferred behavioral results show that an expansion of the New York State EITC increases employment by an additional 14,244 persons, labor earnings by an additional $95.8 million, family income by an additional $84.5 million, decreases poverty by an additional 56,576 persons, and increases costs to the state by $29.7 million. These results emphasize the importance of modeling labor supply behavior when analyzing the impact of the EITC.
Book Synopsis Shock Waves by : Stephane Hallegatte
Download or read book Shock Waves written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2015-11-23 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.
