Children paid for the failed Kansas tax cuts and theyll pay for the GOP tax cuts, too
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Source: Think Progress
Congressional Republicans unveiled a plan Thursday to cut taxes for large corporations and wealthy individuals, transferring $1.2 trillion in benefits to corporations and estates over the next 10 years. The scheme looks a lot like the disastrous Kansas tax experiment pushed through by Gov. Sam Brownback (R) in 2012. And, like the Kansas plan, it’ll likely be paid for on the backs of children.
As ThinkProgress previously reported, the Tax Cuts and Jobs Act will give corporations and wealthy business owners huge windfalls. But the tax incentives for children in low-income families remain mostly unchanged. The bill would increase the Child Tax Credit (CTC) by $600, but it is nonrefundable, which means, according to the Center for American Progress (CAP), that “lower-income families who owe little or no federal income tax do not get its full benefit.” (ThinkProgress is editorially independent of CAP.)
All of this means that the plan will likely produce massive budget deficits. The Kansas plan was not much different. Indeed, Trump’s chief tax advisers were the architects of the Kansas tax cuts.
Read more: https://thinkprogress.org/children-pay-for-gop-tax-cuts-76f4801c74aa/
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