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Party of hypocrites
Why Would Republicans Scrap the Adoption Tax Credit?
Posted from weeklystandard.comPosted in these groups: 
Republicans
Taxes
Republicans Taxes
Posted 7 y ago
Responses: 5
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If money is a driving force in deciding to adopt or not, then don't adopt.
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Did you read the article?
The plan would phase out the adoptive tax credit for taxpayers with adjusted gross income between $203,540 and $243,540. People earning at that level don't normally need public assistance to help them adopt.
While the adoptive tax credit helps offset the initial cost of adoption (the upfront costs) it is more than offset by the increase in deductions for child tax credits from $1,000 to $1,600 and allows more upper-middle-class taxpayers to claim it (for married couples with $110,000 in adjusted gross income; the plan would phase out the new child tax credit at $230,000).
In other words, you get more tax credit every year for children you are caring for (adopted or natural) and the bracket for eligible incomes has increased from $110K to $230K). So more people are now able to claim child tax credit, at a higher rate.
Sorry I am having trouble seeing the 'hypocrisy" you reference.
The plan would phase out the adoptive tax credit for taxpayers with adjusted gross income between $203,540 and $243,540. People earning at that level don't normally need public assistance to help them adopt.
While the adoptive tax credit helps offset the initial cost of adoption (the upfront costs) it is more than offset by the increase in deductions for child tax credits from $1,000 to $1,600 and allows more upper-middle-class taxpayers to claim it (for married couples with $110,000 in adjusted gross income; the plan would phase out the new child tax credit at $230,000).
In other words, you get more tax credit every year for children you are caring for (adopted or natural) and the bracket for eligible incomes has increased from $110K to $230K). So more people are now able to claim child tax credit, at a higher rate.
Sorry I am having trouble seeing the 'hypocrisy" you reference.
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SSgt Ray Stone
Did you read the article? I see you left out a few words in order to support your argument.
the tax overhaul would leave some upper-middle-class families worse off on net. It increases the standard deduction to $24,000 for married couples, but it eliminates personal exemptions and it limits some deductions and eliminates others for those who would still itemize their taxes. Even for a middle-class adoptive family that fully benefits from the increased child tax credit, those savings will only accrue over the long-run, while the importance of the adoption tax credit is that it helps defray the high costs of adoption that occur up front.
the tax overhaul would leave some upper-middle-class families worse off on net. It increases the standard deduction to $24,000 for married couples, but it eliminates personal exemptions and it limits some deductions and eliminates others for those who would still itemize their taxes. Even for a middle-class adoptive family that fully benefits from the increased child tax credit, those savings will only accrue over the long-run, while the importance of the adoption tax credit is that it helps defray the high costs of adoption that occur up front.
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Col Jim Harmon
"those savings will only accrue over the long-run".
Read your own words. "Accrue over the long run"..... Adoption is a long term investment into another human being. The benefits are greater over the long run for compelling reasons, and those benefits are greater in total than the current up front tax incentive.
I am still struggling with your reasoning for the "hypocrisy" statement.
Read your own words. "Accrue over the long run"..... Adoption is a long term investment into another human being. The benefits are greater over the long run for compelling reasons, and those benefits are greater in total than the current up front tax incentive.
I am still struggling with your reasoning for the "hypocrisy" statement.
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If you have not adopted Ray Stone SHTF. I would gladly give up this tax credit for simplification of the system. If you cannot afford the children do not adopt them. BTW foster/adoptive mother here.
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