{"id":595834,"date":"2021-07-18T09:51:10","date_gmt":"2021-07-18T13:51:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=595834"},"modified":"2021-07-18T09:51:14","modified_gmt":"2021-07-18T13:51:14","slug":"child-tax-credit-expected-to-be-a-retail-boon","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/child-tax-credit-expected-to-be-a-retail-boon\/","title":{"rendered":"Child Tax Credit Expected To Be A Retail Boon"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchild-tax-credit-expected-to-be-a-retail-boon%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=595834&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/Walmart-1-scaled-1.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>Economists and executives are forecasting that child tax credits will be extremely beneficial to retail companies.<\/span><\/p>\n<p><span>As part of the American Rescue Plan, families began <\/span><a href=\"https:\/\/www.dailywire.com\/news\/president-biden-says-child-tax-credits-will-hit-americans-bank-accounts-starting-this-summer\"><span>receiving<\/span><\/a><span> monthly child tax credits in July.<\/span><\/p>\n<p><span>\u201cHere\u2019s the great news: you won\u2019t have to wait until your next year\u2019s tax return to get that break,\u201d President Biden said in May. \u201cI\u2019m announcing today that on July 15th and on the 15th of every month thereafter throughout the year, you will get deposited in your bank account, half of your tax cut, at least $250 per child each month, a direct deposit into your account. So if you\u2019re a working family with two kids, you\u2019re going to get $500 a month into your bank account on the 15th of every month starting in July.\u201d<\/span><\/p>\n<p><span>Many retail companies are therefore expecting a significant boon to their earnings.&nbsp;<\/span><span>As <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/07\/12\/child-tax-credit-payments-may-boost-retail-sales-as-soon-as-this-month.html\"><span>CNBC<\/span><\/a><span> reports:<\/span><\/p>\n<blockquote readability=\"16\">\n<p><i><span>Dollar General Chief Financial Officer John Garratt said on a first-quarter earnings call in late May that the discounter did not include child tax credits in the company\u2019s forecast for the rest of the year. He called it \u201ca wild card,\u201d with an impact that is difficult to measure, particularly as some other government benefits fade away.<\/span><\/i><\/p>\n<p><i><span>Target Chief Growth Officer Christina Hennington said on a first-quarter earnings call that the extra funds could go toward back-to-school sales \u2014 a shopping season that retail experts already predict will be stronger than usual as parents and kids seek a fresh start and new clothes, notebooks and laptops for a more typical return to the classroom.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Economists affirmed to CNBC that the payments will be beneficial to retailers.<\/span><\/p>\n<p><span>\u201cIt\u2019s a good thing for Walmart and grocery stores,\u201d said University of Notre Dame economics professor Jim Sullivan. \u201cThe retail sectors where middle- and lower-income families spend money are likely to benefit some from this.\u201d<\/span><\/p>\n<p><span>\u201cThis will fill a void with some of the other payments being no longer distributed,\u201d said UBS retail analyst Michael Lasser. \u201cIt\u2019s going to continue to support consumer spending.\u201d<\/span><\/p>\n<p><span>With a price tag of $1.9 trillion, President Biden\u2019s American Rescue plan is among the largest federal stimulus bills in American history. It is exceeded only by President Trump\u2019s $2.3 trillion CARES Act. However, a report from the <\/span><a href=\"https:\/\/www.dailywire.com\/news\/comparing-trump-and-bidens-covid-relief-bills\"><span>Penn Wharton Budget Model<\/span><\/a><span> \u2014 an initiative of the University of Pennsylvania\u2019s Wharton School that offers nonpartisan analysis of landmark public policy proposals \u2014 found that President Biden\u2019s legislation will be far less effective economically than President Trump\u2019s.<\/span><\/p>\n<p><span>The analysts predicted that the CARES Act dampened the slide into recession by 5% of GDP. The American Rescue Plan, however, only lessened the slide by 0.6% \u2014 primarily because it was passed when the United States economy was already nearing full recovery.<\/span><\/p>\n<p><span>Likewise, President Biden\u2019s legislation devoted $350 billion to state and local governments \u2014 a figure representing 18.4% of the legislation\u2019s total, as well as a 233% increase over the CARES Act\u2019s allocation in the same category. The Wharton analysts pointed out that government bailouts fail to meaningfully improve GDP.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economists and executives are forecasting that child tax credits will be extremely beneficial to retail companies.As part of the American Rescue Plan, families began receiving monthly child tax credits in &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1896293,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-595834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/595834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=595834"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/595834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1896293"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=595834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=595834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=595834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}