The Debate over Tax Cuts: It’s Not Just About the Rich

From Citizens for Tax Justice (http://www.ctj.org):

Tax Breaks for 13 Million Working Families with 26 Million Children Are Also at Stake: State-by-state analysis of the tax breaks for working families with children that President Obama would keep and the GOP would eliminate

Much has been written about the fight between President Obama and congressional Republicans over whether to extend the Bush tax cuts for the best-off two percent of Americans. But there is an equally stark difference between the two parties when it comes to taxes on low- and moderate-income working families.

This new report from CTJ finds that in 2013:

  • Obama’s child credit provision would save 8.9 million working families, with 16.4 million eligible children, a total of $7.6 billion. That’s an average of $854 per family.
  • Obama’s EITC provisions would save 6.5 million working families, with 15.9 million children, a total of $3.4 billion, an average of $530 per family.
  • In combination, these provisions would save 13.1 million working families, with 25.7 million children, a total of $11.1 billion, an average of $843 per family.
  • Virtually all of these tax breaks would go to families earning less than $50,000. Only families with wages or other earned income would be eligible.

Read the report and state-by-state figures at http://ctj.org/pdf/refundablecredits2012.pdf.

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