MADISON– Small Business owners across Wisconsin support making the enhanced child tax credit permanent by passing the Build Back Better plan.
Corrine Hendrickson, owner of Corrine’s Little Explorers in New Glarus, shared how the enhanced child tax credit is helping:
“As a parent the expanded child care tax credit has helped me keep my growing teenage boys clothed, fed, and sheltered. My friends with younger children have commented that it is helping offset child care costs allowing them to keep working since they now aren’t using their entire paycheck.”
Macy Buhler, owner of Yahara River Learning Center in DeForest also comments:
“It is helping parents afford extra costs related to the pandemic…it has been a lifeline.”
So what do these small business owners want to see?
“Some advocates are pinning their hopes on provisions related to child care that are part of the White House agenda for a $3.5 trillion budget deal now in Congress. Those include free tuition for community college, the first level of professional training for child care workers; federal subsidies for child care to eliminate the cost for many families and lower it for those of higher incomes; additional funding to offer small classes and inclusive curriculum for child care and other early education programs; and additional wage support and training for child care workers.” (Erik Gunn, Wisconsin Examiner)
In a recent survey, Small Business Owners in 15 industries across 24 states indicated they strongly support the Build Back Better plan, including investments in child care.
In addition, the child tax credit is helping to encourage entrepreneurship:
The study, which surveyed a nationally representative group of 1,514 parents eligible for the credit before the first monthly payment in July, also found that the program could help boost entrepreneurship.
Of those questioned, 21.3% are either currently running their own business or planning to start one. Getting the credit over the next six months will help support these families as they continue to build or start new businesses.
“There’s unmet hunger for entrepreneurship in U.S. households,” said Stephen Roll, a research assistant professor at the Social Policy Institute at Washington University in St. Louis, adding that expenses such as childcare, utilities and rent, are all common barriers to starting one’s own business.
“What we’re seeing here is that [child tax credit] may help families solve that equation,” he said. This is also highlighted by the finding that 72% of families said they would prefer to get monthly payments over a lump sum at tax time.
“This to me speaks to the need that these families have for day-to-day liquidity coming in,” Roll said.
The enhanced child tax credit is making a huge impact. Check out some recent studies on how it’s helping families. More money in their pockets helps to support Main Street. That is why small business owners support it. That’s what small biz needs now.
For the sake of Small Businesses and Main Street, let’s get it done and make the enhanced child tax credit permanent.
Members of the Main Street Alliance are available for interview on why they support the Build Back Better Plan.