The continued development of the Child Tax Credit reflects a fundamental divide in how lawmakers think about humanity. Do government payments make people lazy or give them the resources to become more responsible? Founded in 1997 with bipartisan support, Credit has changed in a way that disagrees with many perceptions of political identity, from Republicans seeking tax cuts to Democrats.
Republican critics and West Virginia Senator Joe Manchin, a Democratic sure vote, are concerned that the pay may discourage parents from working.
“This is a total tax cut for the general public,” Biden said in a speech in Scranton on Wednesday. “That’s what it does. I’m sorry.”
Continuing to pay more than $300 per month per child is as much about political change as economic change.
For federal budget purposes, the median family income is $86,372, a major tax deduction for the middle class. The development of the credit since it was created in 1997 demonstrates the power of using tax law in social policy.
This allows the Democratic Party to claim a cloak of middle-class tax cuts, but Republicans opposing the idea have been criticized for supporting tax increases for this major voter group ahead of the 2022 elections. . It’s likely a sharp reversal from the identity of the Ronald Reagan-era Republicans working on tax cuts to support growth.
The child tax credit dispute reflects the debate over work incentives. Government. & Politics
The source link shows the debate on child tax credit dispute work incentives. Government. & Politics