On Monday, Democratic presidential nominee Hillary Clinton proposed a new tax cut aimed at parents with children aged 4 and under, especially those in the middle and lower classes. Clinton's plan would double the child tax credit for parents of young children to up to $2,000 per child, and make the credit refundable, meaning parents who did not earn enough to pay federal income tax would still get the money. Donald Trump's child care plan, which is mostly structured as tax deductions, would offer most of its benefits to higher-income parents.
Clinton says her plan, part of a series of tax cuts for the middle class, would cost $150 million to $200 million over 10 years and be financed by already proposed tax hikes on the wealthiest Americans. "Rich people ought to be paying more federal income taxes to pay their fair share for our country," she said in Detroit on Monday. The child tax policy currently gives parents who earn less than $110,000 a year a $1,000 credit for children 16 and younger.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Today's political cartoons - February 2, 2025Cartoons Sunday's cartoons - Groundhog Day, cryptocurrency, and more
-
5 sunny-side up cartoons about egg pricesCartoons Artists take on inflated prices, double standards, and more
-
'Swimming in the sky' in northern BrazilThe Week Recommends The pools of Lençóis Maranhenses are clear and blue
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
