The GOP’s new tax plan would make things harder for working moms
The GOP is promising to make it harder for women working full-time to save money by slashing their tax deductions.
The bill would also eliminate a number of tax breaks that help women save money on childcare, including one that allows women to deduct $1,000 of childcare costs from their federal taxes.
The Senate bill would repeal the Child Tax Credit, the Earned Income Tax Credit and the Earnings Tax Credit for working parents, according to the bill.
The Earned Tax Credit is intended to help working families in low- and middle-income families who earn less than $30,000 a year.
The House version would also end the Earning Income Tax credit for working mothers, but would not eliminate it entirely.
The House bill also would end the deduction for state and local taxes.
Under current law, working mothers and fathers can claim up to $2,000 in state and city taxes as a deduction.
The bill would slash the deduction by $500 for working women, and $1 for working men.
The new Senate bill eliminates the Earneds Child Tax credit, which is intended for working families earning up to about $30 and $40,000, respectively, according the Joint Committee on Taxation.
It would also lower the child tax credit by $1.25 for working children.
The Child Tax Benefit will be repealed in the House version of the tax plan, but the House proposal does not eliminate the credit, according a Senate aide.
It also repeals the Earners Tax Credit.
It was created by the Reagan administration to help low-income parents save for child care and was also extended under the Clinton administration.
The credit has since grown from $1 to $1-million.
The Trump administration has repeatedly called the credit a “tax break for the rich” that would make it even harder for low-wage workers to save for college, and its proposed tax plan has also been widely criticized by progressive groups.
House Speaker Paul Ryan, R-Wis., has said that the tax bill is intended “to make it easier for working people to save.”
He said in an interview with CNN that the bill will “make it harder” for working- and lower-income Americans to save.
He added that working moms who earn $30 to $40 a year would benefit more under the Senate bill.