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The Short Term Labor Supply Response To The Expanded Child Tax Credit
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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.
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 Labor Supply Response to the Earned Income Tax Credit by : Nada Eissa
Download or read book Labor Supply Response to the Earned Income Tax Credit written by Nada Eissa and published by . This book was released on 1995 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a series of major expansions starting in 1987, the earned income tax credit (EITC) has become a central part of the federal government's anti-poverty strategy. In this paper, we examine the impact of the Tax Reform Act of 1986 (TRA86), which included an expansion of the EITC, on labor force participation and hours of work. The expansion of the credit affected an easily identifiable group, single women with children, but is predicted to have had no effect on another group, single women without children. Other features of TRA86, such as the increase in the value of dependent exemptions and the large increase in the standard deduction for head of household filers, are predicted by economic theory to have reinforced the impact of the EITC on the relative labor supply outcomes of single women with and without children. We therefore compare the change in labor supply of single women with children to the change in labor supply of single women without children. We find that between 1984-1986 and 1988-1989 single women with children increased their labor force participation by 1.4 percentage points (from a base of 73.1 percent) relative to single women without children. We explore a number of possible explanations for this finding and conclude that the 1987 expansion of the EITC and the other provisions of TRA86 are the most likely explanations. We find no effect of the EITC expansion on the hours of work of single women with children who were already in the labor force. Compared to other elements of the welfare system, the EITC appears to produce little distortion of work incentives.
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.
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 Estimating the Net Fiscal Cost of a Child Tax Credit Expansion by : Jacob Goldin
Download or read book Estimating the Net Fiscal Cost of a Child Tax Credit Expansion written by Jacob Goldin and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent proposals to expand the Child Tax Credit (CTC) are at the center of current policy discussions in the United States. We study the fiscal cost of three such proposals that would expand refundability of the credit to low-income children, increase the maximum credit amount, and/or eliminate the income phase-out to make the credit universal. For each proposal, we use the Current Population Survey to estimate three components of the net fiscal cost: the direct cost (additional tax refunds or lower tax liability), revenue changes due to taxpayers' labor supply responses, and long-term changes in tax revenue due to changes in children's future earnings. We find that direct costs are by far the most important component but that long-term earning changes also play an important role, offsetting 20% of the direct costs of making the credit fully refundable. In contrast, labor supply responses modestly contribute to the fiscal cost of the CTC expansions we model.
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 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 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.
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 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 Advance Earned Income Tax Credit by : United States. Internal Revenue Service
Download or read book Advance Earned Income Tax Credit written by United States. Internal Revenue Service and published by . This book was released on 1994 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Making Work Pay written by Bruce D. Meyer and published by Russell Sage Foundation. This book was released on 2002-01-10 with total page 413 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 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:
Download or read book Welfare Reform written by Jeff GROGGER and published by Harvard University Press. This book was released on 2009-06-30 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Welfare Reform, Jeffrey Grogger and Lynn Karoly assemble evidence from numerous studies to assess how welfare reform has affected behavior. To broaden our understanding of this wide-ranging policy reform, the authors evaluate the evidence in relation to an economic model of behavior.
Book Synopsis Work Opportunity and Welfare-to-work Tax Credits by : United States Employment Service
Download or read book Work Opportunity and Welfare-to-work Tax Credits written by United States Employment Service and published by . This book was released on 1998 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Effects of Child Care Subsidies on Paid Child Care Participation and Labor Market Outcomes by : Gabrielle Pepin
Download or read book The Effects of Child Care Subsidies on Paid Child Care Participation and Labor Market Outcomes written by Gabrielle Pepin and published by . This book was released on 2020 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Child and Dependent Care Credit (CDCC), a tax credit based on taxpayers’ income and child care expenses, reduces families’ child care costs. The nonrefundable federal CDCC is available to working families with children younger than 13 years old in all states, and nearly half of states supplement the federal credit with their own child care credits. The Economic Growth and Tax Relief Reconciliation Act expanded the federal CDCC in 2003, which led to differential increases in CDCC generosity across states and family sizes. I document CDCC eligibility and expenditures over time and across income and demographic groups. Using data from the March Current Population Survey, I find that a 10 percent increase in CDCC benefits increases annual paid child care participation by 4–5 percent among households with children younger than 13 years old. I also find that CDCC benefits increase labor supply among married mothers. Increases in labor supply among married mothers with very young children suggest that CDCC benefits may generate long-run earnings gains.
