Posted 5 years ago on July 25, 2012, 12:01 p.m. EST by VQkag2
This content is user submitted and not an official statement
Limiting eligibility for the child tax credit, which constitutes a tax increase on 12 MILLION families. This works out to an average tax increase of $800 per family. In the case of a family made up of one person earning minimum wage and two children, the tax increase would be much larger according to one estimate: $1545.
Curtailing tax credits for higher education expenses from $2500 a year to $1800 and reducing the years of eligibility from four years to two. This translates into an average tax increase of $1100 for 11 MILLION families.
Cutting back on the earned income tax credit for families with three or more children and worsening the so-called “marriage penalty” on working poor couples, which translates into an average tax increase of $500 for 6 MILLION families.