×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: dave camp | child | credit | tax | reform

Dave Camp's Tax Reform Overhauls Child Credit

Dave Camp's Tax Reform Overhauls Child Credit

By    |   Thursday, 27 February 2014 04:05 PM

With most press coverage of Rep. Dave Camp's tax reform proposal focused on lowering tax rates and reducing the number of brackets, a much less publicized but significant provision in the Michigan Republican's plan is a complete overhaul of current tax regulations dealing with the child tax credit.

Not only would the child tax credit be increased from $1,000 to $1,500, but a credit of $500 would be allowed for nonchild dependents.

The changes would be indexed for inflation annually — something that is not the case under the present tax code.

The increase in the child tax credit and indexing for inflation are goals long pursued by some pro-family groups. Sources in the national pro-family community expect a major effort by these organizations to generate support for the tax code reforms unveiled on Wednesday by Camp, chairman of the tax-writing House Ways and Means Committee.

"It is a giant step in the right direction," former Virginia Gov. Jim Gilmore, head of the Free Congress Foundation, told Newsmax.

"Most importantly, it lowers the [tax] rates," Gilmore said, adding that what is most needed is a "growth budget" to stimulate the economy.

"This is something that the Free Congress Foundation began actively promoting four years ago," he said.

Under the Camp proposal, the cap on the refundable portion of the tax credit increases from 15 percent of earned income to 25 percent of earned income in excess of $3,000. In addition, the tax credit would not phase out until annual income went above $413,750 for taxpayers filing single returns and $627,500 for those filing joint returns.

Grover Norquist, president of Americans for Tax Reform, strongly seconded Gilmore's opinion of the Camp measure.

"It's very good and very important when tax rates are lowered and a proposal is revenue neutral, which Dave Camp's proposal is," Norquist told Newsmax.

But Norquist also cautioned his fellow enthusiasts over the Camp reforms not to get their hopes up.

"The Senate doesn't like it because it lowers tax rates, so it won't pass it, and if it somehow passed the Senate, Barack Obama wouldn't sign it," he said, "To make Dave Camp's proposal become law will take a Republican Senate and a Republican president."

John Gizzi is chief political columnist and White House correspondent for Newsmax.

© 2021 Newsmax. All rights reserved.


US
With most press coverage of Rep. Dave Camp's tax reform proposal focused on lowering tax rates and reducing the number of brackets, a much less publicized but significant provision is a complete overhaul of current tax regulations dealing dealing with the child tax credit.
dave camp,child,credit,tax,reform
379
2014-05-27
Thursday, 27 February 2014 04:05 PM
Newsmax Media, Inc.
More Articles
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App