Tax Cut Proposals Under-cut Women and Families
The new tax cut proposals in Congress seem to largely benefit the rich and corporations, at the expense of low- and middle-income Americans, Americans with disabilities, and Americans with dependents and American women. No big surprise after seeing the various failed health care proposals.
Who would be impacted?
People who need childcare
While the proposal would increase the child tax credit from $1000 to $1600, it would repeal the employer-provided childcare credit, which incentivizes businesses to help provide childcare in exchange for tax credits. So they want you to have children, but they don’t want you to be able to work. Who is going to financially support these children? This proposal would have a huge impact on low-income and working women because finding affordable, quality childcare is a huge problem. This extra $600 dollars isn’t going to pay for it.
People paying on student loans
The proposal would reform the student loan interest deduction. Under current law, people with student loans can deduct up to $2,500 in interest paid towards certain students loans. Congress wants that deduction to only apply in cases of death or “total and permanent disability.” No longer having this deduction will impact younger women, low-income women, and women with disabilities
People who have costly medical bills
The House proposal would repeal a medical expenses deduction, which taxpayers on average claim about $8,990 each year. For many with huge medical expenses, the deduction is the only thing standing between them and poverty. The Senate retains the deduction in their bill
People who adopt
In a masterful example of hypocrisy, this proposal would eliminate the adoption tax credit.
People who adopt through international and private agencies or foster care can receive a $13,570 tax credit for adopting a child and the unused amounts of the credit can be carried over for five years.
Eliminating this credit would make it more expensive for families to adopt likely resulting in fewer adoptions. This coming from a group of people who urge pregnant women who can’t afford to take care of a child to “just put it up for adoption” instead of getting an abortion. They want you to have a child, but are making it financially more difficult for people to adopt those children.