In Washington, D.C., on Tuesday, Utah Sen. Mike Lee explained his efforts to increase the child tax credit to alleviate the “double penalty” placed on parents for paying their own taxes, as well as paying for “the economic costs of raising children whose taxes will pay for future government benefits,” according to AEI.org.
“To help American families, Senator Mike Lee is proposing a $2,500 child tax credit that would apply to both income and payroll taxes (above and beyond existing child deductions and the $1,000 child tax credit),” wrote W. Bradford Wilcox in his article, “Making Parenthood Pay: Should Washington Pay Parents to Raise Future Taxpayers?” “Because many working-class and poor families pay little or no federal income tax, his focus on payroll taxes would put real money in the hands of these families.”
In his article, Wilcox acknowledged that Lee’s plan cannot resolve all the economic issues parents face in raising children.
“Senator Lee’s proposal is only one step in the right direction. But what’s particularly encouraging about his proposal is that it would lift the sagging economic fortunes of many working-class families by targeting their payroll taxes,” Wilcox wrote. “Let’s hope more Republicans (and Democrats) take a page from Lee’s playbook and seek policies that renew the flagging economic fortunes of family life in all too many of our nation’s poor and working class communities.”
Read Wilcox’s full article on The Atlantic.com.