President Biden has released his new budget. Among his many priorities, a huge one is making the tax code fairer for everyday Americans.
I agree, and there are two things Congress could do right now to make it happen. First, expand the Child Tax Credit. In 2021 Congress expanded the CTC to all low-income families and sent it as monthly payments. Child poverty immediately plummeted and parents breathed a sigh of relief. Sadly, Congress let the expanded CTC expire.
Second, enact a Renter Tax Credit. Millions of American renters are struggling to keep up with skyrocketing rents. While the tax code gives billions in tax breaks to homeowners, renters get nothing. The RTC would remedy this by giving rent-burdened households a refundable tax credit to help offset the high cost of rent.
For decades, Congress has skewed the tax code for the wealthy. The president is calling on them to start putting everyday Americans first. I urge our members of Congress to follow suit by expanding the CTC and enacting an RTC now.
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