In the News: Push to simplify taxes is on but don’t touch some deductionsPoverty & Family Economics
The Child Poverty Action Group (CPAG), of which First Focus is a member, was cited in an article about plans to overhaul the tax code, including the childcare credit, on August 31, 2017 for the Associated Press and CBS News.
President Donald Trump and congressional Republicans have pledged to. To slash taxes, they say they’ll curb a web of expensive deductions and credits to allow more revenue to flow to the government.
Problem is, they’re likely to run into a wall of resistance from people and groups drawn together by a singular warning: Don’t touch my deduction.
Major cherished tax breaks — from deductions for mortgage interest and charitable donations to incentives for 401(k) contributions — have deep-pocketed supporters and lobbyists who are sure to fight to preserve those benefits. They add up to hundreds of billions of dollars in lost potential revenue that could otherwise go to…[Read More]