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ICYMI: Rubio Offers Better Deal than Democrats’ Child “Tax Credit”

Feb 20, 2024 | Press Releases

Families Deserve Better than Democrats’ Child “Tax Credit”

U.S. Senator Marco Rubio (R-FL)

February 20, 2024

National Review

The child tax credit (CTC) has been a pillar of conservative, pro-family policy for almost 30 years…. But today, Republicans are poised to undo that good work by agreeing to a bill that would leave nine out of ten CTC-eligible families worse off than they were in 2017….

The reason for this is the inflation that has resulted from President Joe Biden’s reckless policies. The $2,000 CTC I fought for in 2017 has lost 20 percent of its value since then. H.R.7024 would index the CTC to inflation for a period of two years, but it would also lock in the dramatic erosion that has already occurred….

Meanwhile, H.R.7024 would…copy and codify the “look back” option…, allowing families to qualify for government payments based on their gross income in the previous year’s filings. Second, the bill would phase in the CTC for larger families at rates that far exceed their tax liability. 

This may not seem like much of a change, but it…plays right into the hands of the Democrats, who seek to reframe any and all pro-family policies as welfare…. When House Speaker Newt Gingrich and President Bill Clinton created the CTC in the 1990s, it was in the context of a welfare-reform package that eliminated such handouts. This combination cut child poverty by 25 percent. 

We must also remember recent history. When the Democrats temporarily turned the CTC into a government child allowance in 2021, the move proved deeply unpopular with the American people and hurt the economy by disincentivizing work….

Congress must unite behind genuinely pro-family policies. Should this bill come before the full Senate, I will offer an amendment to strike the “look back” option, strike the per-child phase-in scheme, and—most importantly—expand the value of the CTC to $2,500….

Read the rest here.