America has taken a great step forward by considering the plight of low-income working-class families which have children to look after. The government has that recognized raising kids is an essential responsibility, which every parent has to bear whether or not they have an ample amount of money.
Thus, there is a renewal from the government’s side in an old policy with Child Tax Credit being expanded to a newer limit. The tax credit through the policy would be credited directly into the user account through direct deposit/ monthly check.
The government is doing this to maintain a balance between professional & personal life. As parents, raising kids has always been an important aspect of one’s life. And due to this, parents, across the world, have to sideline some requirements of their own.
The expansion in
EITC is a great step because of the following reasons-
1. The government is well aware that the standard of living and the cost per head, has increased over 10-12 years in the world. It becomes very tough for the families to handle their sustenance, their children as well as other needs. The low-paying jobs also do not offer any means of income to fulfill all the needs properly.
Thus, to overcome these problems it is important for a policy like this to be initiated into the real world. The more would be the sources of income for people with children, the more efficiently they would handle their life.
2. During the pandemic time, the work-life of many people have been struggling a lot- the
low-paying jobs, unemployment, and irregular salaries are all the consequences of the pandemic. Hence, this step from the American Government has given a major push to the overall development.
3. Earlier, when the policy was started, it had been witnessed that it was able to reduce poverty to a certain extent among the people whose jobs were irregular or low-paying. Also, the inequalities created by the income section were reduced.
Now, working parents are able to keep aside some amount from their income to the growth of their assets, the repair and recovery which was not possible earlier, and the development of their life as well.
Just like America, there are many other nations that require this policy because successful parenting is the issue of many countries. Developing nations like
India, China, and others need this policy urgently because they have been worse-hit by the pandemic COVID-19 and the problem of growing unemployment is upsurging. Due to this, the misbalance in work and family life has become quite a problem in these countries.
Hence, for satisfactory parenting and happy life, this policy could be implemented. The working couples in developing countries try very hard to make both ends meet. They are either not able to live a sustainable life due to low-income resources or if they fulfill every need and still are not involved satisfactorily with the kids.
Implementing policies like Child Tax Credit in developing countries will help in solving these problems and bring sustainability into the lives of the people.
Indian~ Economics student~ Content writer trainee at MindStick~ Kindly note that my views are my personal opinion about the stuff and they don’t intend to offend or hurt any particular person, community, country or range of people~ If you have any difference in opinion with mine, your thoughts are welcome decently in the comment section~ Hate comments or spread of violent/abusive/offensive language shall not be encouraged~ Your views matter to us, your opinions are our consideration~