Child tax credit increased as GOP finalizes tax planPosted: Updated:
Republican leaders in the House and Senate are finalizing their massive $1.5 trillion tax plan, which now includes an increase for the child tax credit.
Pascale Victor, the office manager at Rainbow Chimes Day Care in Greenlawn and a mother of four, says balancing her career responsibilities and the needs of her children have not been easy – especially financially.
"It's something that I've struggled with so much," she told News 12.
She's hopeful that an increase in the child tax credit provision of the GOP tax plan will provide her and other working moms with some relief.
The original Senate tax plan included a $2,000 child tax credit, with $1,100 being refundable. Sen. Marco Rubio (R-Florida) threatened to vote against the bill if that number was not increased. After some further negotiations, Rubio says he will now support the bill.
The bill is set to maintain seven personal income tax brackets, nearly double the standard deduction and eliminate the Affordable Care Act’s individual mandate.
“Americans deserve a new tax code for a new era of American prosperity,” said Rep. Kevin Brady, a Texas Republican and chairman of the House Ways and Means Committee.
The bill also caps state and local tax deductions at $10,000, a move that Long Island's congressional delegation says is not nearly enough for residents in Nassau and Suffolk, who pay some of the highest state and local taxes in the nation.
Some improvements on tax bill with reinstatement of deductions for medical expenses and student loan interest. But #SALT deduction is still inadequate for New York and Long Island. I am voting NO.— Rep. Pete King (@RepPeteKing) December 15, 2017
Meanwhile, President Donald Trump spoke highly of the bill, emphasizing an increase in the child tax credit.
"We're putting in a tremendous child tax credit, and it is increasing on a daily basis," he said.
Jennifer Rojas, of the Child Care Council of Suffolk, says even with an increased tax credit, Long Islanders will struggle with child care costs.
"Given the cost of child care on Long Island, which is anywhere between $10,000 and $17,000 per child, a few extra hundred is not really going to make it affordable," said Rojas. "But it is a help."
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