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Rubio & Scott: New Federal Tax Law Will Help Miami’s Low-Income Working Families
By U.S. Senators Marco Rubio and Tim Scott
April 20, 2018
Miami Herald
The new tax law has two provisions that will particularly empower working families. The Child Tax Credit will give American families back more of their own money. The Investing In Opportunity Act has the potential to power an economic renaissance in the communities left behind by the global economy. By working together, we can help restore hope and ensure that the next great American idea isn’t lost because someone did not have the opportunity to share it.
The tax law passed last year cut the taxes of working American families. We made it a priority to expand the per-child tax credit, which directly increases the money working parents get to keep. The child tax credit was doubled, and the changes we secured in late-hour negotiations increased tax cuts for more than 8.6 million Americans making under $50,000 a year.
In addition to immediately letting working American families keep more of their own money, we passed a tax cut that prioritizes areas left behind by the global economy. The Investing In Opportunity Act (IIOA) has the potential to channel hundreds of billions of private-sector dollars to lower-income communities, known as Opportunity Zones, across Florida and the nation.
The new global economy has increased the wealth of many Americans, but destabilized entire regions in our country and left behind millions of workers. Pushing investment to seek out the largest return — regardless of which nation, or area within the nation, it’s in — has deserted workers in our own back yards. Cheaper consumer goods mean very little to a working family with no earned income because the parents can’t find work.
Read the rest here.