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The Democrats’ Child “Tax Credit” Is Nothing of the Kind
U.S. Senator Marco Rubio (R-FL)
August 1, 2024
…[T]he Democrats’ child “tax credit” proposed in the cheerfully titled Tax Relief for American Families and Workers Act…isn’t a tax credit and doesn’t offer relief for working families….
In 2017, Senator Mike Lee (R-UT) and I fought against our own party to double the existing child tax credit from $1,000 to $2,000…. Since then, however, runaway spending by the Biden-Harris Administration has slashed roughly 20 percent of the value of $2,000, which means the average family’s taxes have effectively increased. The Tax Relief for American Families and Workers Act would lock that increase into law—hardly a good deal for parents struggling to get by….
[Moreover, a] tax credit, by definition, is “a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar”…. The Democrats’ proposal, in contrast, would allow families to receive government payments based on their previous year’s tax filings (the “look back” option) and phase in additional payments at rates that far exceed their tax liability….
Pointing this out isn’t just semantics—it’s an indictment of the Democrats’ years-long effort to hijack crucial pro-family policies for the purpose of welfare expansions…. [T]he child tax credit was first created as part of a broader congressional strategy to move America away from cash welfare—it was an integral piece of a reform package that reduced child poverty by 25 percent. Reversing that success would be tragic….
Come 2025, we should dramatically increase the size of the tax credit to $3,500 ($4,500 for young children). Meanwhile, we need to fight against the Orwellian propaganda peddled by the Democrats and parroted by the liberal media.