The Trump tax plan has many good reforms. But it noticeably eliminates personal deductions, which will certainly concern all parents who claim this $4,050 deduction for each of their children. The Trump plan said the current $1,000 per child tax credit would be increased, but they didn’t mention by how much. Sens. Mike Lee, R-Utah, and Marco Rubio, R-FL, immediately recommended that the per child tax credit “must be at least doubled.”
Trying to address those possible problems, Sens. Mike Lee of Utah and Marco Rubio of Florida released a statement Wednesday saying that the child tax credit “must be at least doubled” from its current level of $1,000. To ensure that it does benefit people who wouldn’t have income tax liability, they said that it should be applicable against payroll tax liability.
Otherwise, despite the Democratic charges, Republicans projected confidence that their bill will cut taxes at every level.
Pat Toomey of Pennsylvania, a member of the Senate Finance Committee that will be responsible for writing the legislation, said Republicans had many details prepared for legislation that weren’t included in the framework released Wednesday. “It’s going to be a tax cut for lower-income and middle-income people,” he said.
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