Senior Director of Federal Tax Policy
With tax reform potentially on Congress’ agenda next year, the tax plan that Senators Mike Lee (R-UT) and Marco Rubio (R-FL) sketched out recently will merit a close look. Its marquee proposal would supplement the current Child Tax Credit (CTC) with an additional credit of $2,500 per child. We can’t evaluate the plan, which the senators say “won’t only help revive the American dream, but also make it more attainable for more Americans than ever before,” until they provide the details. Here are four things we’d like to know about its changes to the CTC and the other major tax credit for working families, the Earned Income Tax Credit (EITC).
Several months before releasing his tax plan this spring, Senator Lee called for tackling the “opportunity crisis” of “immobility among the poor,” “insecurity in the middle class,” and “cronyist privilege at the top” and promised that his tax plan would address these problems. But when the details finally appeared, they didn’t live up to his speech. Let’s hope this time’s different.