Simplifying the Tax Code for Families
by Randy Neugebauer on July 22, 2014 at 5:21 PM
As a parent and grandparent, I know there’s nothing more rewarding than building a family. But I also know having kids can come at a high cost. This week, the House will vote on two bills to streamline our current tax code to reduce the cost of starting a family and sending your kids to college. The Child Tax Credit Improvement Act of 2014 adjusts the child tax credit to account for recent inflation and eliminates our current tax code’s marriage penalty by adjusting the threshold for married couples to qualify for the credit.
This allows more parents to access this important benefit. The Student and Family Tax Simplification Act streamlines four existing education tax credits into one consolidated American Opportunity Tax Credit. This bill eases the financial burden of higher education, so more low- and middle-income families can afford to send their kids to college. Together, these two bills will help families plan, save, and invest in education. They’ll reduce the financial stress parents face so they can focus on what’s most important: their family.