Senate Republicans block bill to expand child tax credit – NBC
Democrat leaders knew bringing the expanded child tax credit (CTC) to a vote just before the election would produce rejection and news coverage critical of the GOP. Even if they wanted to vote in favor of the bipartisan bill, could Republicans really be expected to provide President Biden, with VP Harris by his side, the chance to sign into law provisions helping both the working class and business? For their part, Republican leaders’ emphasis on its lack of “work incentives” demonstrates that their allegiance to business far outweighs the party’s recent stated interest the helping the working class.
Under current law, families with low income receive a smaller CTC than families making $400K with one parent working and the other staying at home to take care of kids. Could high-income families get by without getting $2K a year per kid from taxpayers? At the other end of the spectrum, given the cost of living and daycare, would raising the CTC to the same amount eliminate low-income families’ need to work? Really? By how many hours a week?
The CTC is regressive. It should not be. Low-income families should receive at least as much help raising kids as higher-income families. The credit amount is also too small to change parents’ decisions about working outside the home except at the margin. A compromise, perhaps, could be giving low-income families the full credit if a parent is seeking work or working at least part-time.
BTW, the credit should be indexed to inflation. And bravo for Sen. Hawley (R-MO) for voting for the measure.
Also see:
Bipartisan CTC Framework Would Help Lowest Income Quintiles – TPC
Ways the Middle Class Is Taxed Differently Than the Rich – msn
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