Tags: gop | child | tax | credit

Child Tax Credit Would Get $115 Billion Boost in Republican Plan

Monday, 23 Jun 2014 06:58 PM

Republicans in the U.S. House of Representatives are proposing a $115 billion expansion of the child income tax credit.

The plan, proposed by Representative Lynn Jenkins of Kansas, would index the $1,000 credit and income cutoffs to inflation and remove a marriage penalty. Her bill is set for a vote in the House Ways and Means Committee on June 25.

Republicans, who have focused in the past on reducing marginal tax rates, have been trying to shift to a more family- focused tax policy.

Some upper-middle-income families would benefit from the plan’s increase in the start of the income phaseout for married couples to $150,000 from $110,000 and from tying that threshold to inflation. Increasing the size of the credit would help a broader swath of the public.

The committee will also consider a bipartisan bill that would consolidate tax breaks for education.

President Barack Obama today hosted a day-long White House Summit on Working Families, touting his proposals including more flexible job hours, paid maternity leave and an increase in the minimum wage.

Democrats have opposed the piecemeal tax bills that Ways and Means Republicans have proposed over the past few months, arguing that such tax cuts should be offset to prevent the deficit from growing.

The bills are H.R. 3393 and H.R. 4935.

 

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Republicans in the U.S. House of Representatives are proposing a $115 billion expansion of the child income tax credit.The plan, proposed by Representative Lynn Jenkins of Kansas, would index the $1,000 credit and income cutoffs to inflation and remove a marriage penalty....
gop, child, tax, credit
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2014-58-23
 

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