The expansion of the CTC, included in President Biden’s American Rescue Plan, was one of the largest-ever single-year tax cuts for families with children. It dramatically increased the value of the CTC from $2,000 per child to up to $3,600 per child under age 6 and $3,000 per child between age 6 and 17, putting money in the pockets of low- and middle-income families to pay for household expenses like food, rent, utilities and child care.

Since the Great Depression, the economy has fared better under Democratic presidents than Republican presidents. This fact holds true regardless of the economic measure used: Economic growth, employment, job creation, income and productivity have all been stronger under Democratic presidents.

The U.S. economy improved more during President Joe Biden’s first year in office than in the first 12 months of any other president in the past 50 years. Job growth, economic growth, retail sales and business creation are all up, while unemployment and unemployment insurance claims are down significantly. While there have been challenges, President Biden’s bold leadership has continued to meet them, and across all of these metrics, conditions not only improved but exceeded expectations as the United States continues its robust recovery from the pandemic recession.

The prosperity of the U.S. economy is inescapably linked to the opportunities available to entrepreneurs and small businesses all around the country. Pervasive racial gaps in business ownership, opportunity and wealth restrain the potential of the U.S. economy. To bridge these gaps, it is important to understand the vital role that Black entrepreneurs play in the aggregate economy, the challenges they face and what public policy can do to build a fairer climate that enables Black entrepreneurs to thrive.