Washington D.C. – Today the House Ways and Means Committee unveiled the Republican tax reform bill, the Tax Cuts and Job Act. Among many changes, it was revealed that a typical family of four earning $59,000 (median household income) will receive a $1,182 tax cut. The child tax credit will be raised to $1,600 per child from the previous $1,000 per child while providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
Penny Nance, CEO and President of Concerned Women for America had this to say:
“Thank you House Republicans for working to provide tax reforms that will directly impact the American family. Our nation has not seen an overhaul of our tax system since 1986 – we recognize that this was no easy task.
“I am encouraged by the pro-family focus of the Tax Cuts and Jobs Act which will better support American families who are struggling to keep up. An investment in American families is an investment in the future of America, and I hope that continues to be the focus as this bill moves to the Senate.
“Both the increase in the child tax credit and the preservation of the Child & Dependent Care Tax Credit are a step in the right direction. Americans should never be forced to choose between earning a paycheck and taking care of their children or parents.
“Reforming the tax system is not easy, but it is vital, and every step needs to be taken to ensure that money is being given back to hard-working American families. And so I look forward to seeing the Senate take this even further, specifically in the area of the child tax credit. CWA has been working with Ivanka Trump and the Trump Administration on increasing the Child Tax Credit in this tax reform package to $2500 per child. These reforms demonstrate the fact that America’s economy is not only business-driven but fueled by the family.”