Salt Lake City, Utah- (ABC4 Utah) – A tax reform plan being considered in congress could bring big benefits to Utah families.
Utah Senator Mike Lee is teaming up with Florida Senator Marco Rubio on an effort to expand the child tax credit.
A new analysis from the Sutherland Institute is showing just how much it could help families in Utah, and across the country.
Derek Monson authored the analysis.
“It provides economic opportunities for working, and middle-income families who are trying to put food on the table, get their kids to college, save for their retirement by allowing them to keep more of their tax money,” said Monson.
How much more of their tax money? According to the analysis, families with children could be able to claim up to a $2500 tax credit. That’s in addition to the current $1000 credit.
States like Utah with a high concentration of children would especially benefit, but it will only happen if congress pushes it through.
“Both sides of the aisle are trying to speak to working class voters, and this is a good chance for them to do so. So, it will be interesting to see what pressures from both sides, whether it be the ideological spectrum or the political spectrum, how they play out,” Monson said.
Senators Lee and Rubio are responding to the analysis.
“Providing relief for working families – especially relief from the parent tax penalty – is essential for 21st century reform,” said Lee.
“Tax reform should be grounded in the daily realities of family life: household budgets, food on the table, and equipment for kids’ sports teams,” said Rubio.
The credit is part of the Economic Growth and Family Fairness Tax Plan. The Trump Administration has indicated support for the plan.