The American Enterprise Institute’s James Pethokoukis says the 2016 GOP presidential contenders would be smart to embrace Sen. Mike Lee’s proposal to increase the per-child tax credit.
Writes Pethokoukis at National Review (see also related at Matthew Continetti column at The Weekly Standard):
Pro tip for all potential 2016 candidates looking for a tax cut that helps parents, boosts growth, and doesn’t blow up the budget: Give a call to Senator Mike Lee. Last week the Utah Republican introduced the “Family Fairness Tax Reform Plan.” At the proposal’s core is a new $2,500-per-child tax credit — in addition to the existing $1,000 credit — available to all parents of dependent children and applicable to both payroll and income taxes. Under the plan, as Lee figures it, a married couple with two children making $51,000 (the overall median household national income) would see a tax cut of $5,000 per year. The American family is the “ultimate entrepreneurial and investor class,” Lee says. “It is an incubator of economic opportunity, an indicator of economic success, and grows more economically important every day.”
