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A Taxing Deal for America’s Families
No parent in America likes paying taxes. But many appreciate the services our taxes provide, such as firefighters, the police force, schools for our kids, health care programs like Medicaid and Medicare, and other initiatives that help kids, families, and communities thrive.
Unfortunately with HR 1, the Tax Cuts and Jobs Act, these invaluable services are in jeopardy by sharply increasing the deficit without providing a significant boon to working families. The nonpartisan Joint Committee on Taxation (JCT) estimated that the plan would add $1.5 trillion to the national debt over the next decade.
The tax cuts provided in this bill will shift largely to high-income Americans rather than working families -- by 2027, the richest 1 percent of Americans will receive a 48 percent share of the overall tax cut. Meanwhile, the JCT estimated that some middle-class families will actually see their taxes increase under this bill. Here are just a few of the family-friendly deductions in our current tax code that would be eliminated:
- The personal exemption.
- The state and local tax deduction for income and sales taxes.
- The adoption credit.
- The medical expense deduction.
- A provision that allows teachers to deduct money they spend on supplies for their classrooms.
- The student loan interest deduction.
Though the bill does permanently expand the Child Tax Credit (CTC) and adds two new family credits, most working families won’t receive a meaningful cut. The new credits would expire after five years, and lawmakers from both sides of the aisle have warned that the expanded CTC will not help the families who need it the most.
The Tax Cuts and Jobs Act is a bad deal for most working families. We should not trade our kids’ future so that a handful of American families receive a tax break. Please let your member of Congress know that you oppose this harmful bill.