There is a lot of talk of tax reform now. I am concerned that what most elected Republicans in Washington want in tax reform has a lot more to do with big business than it does average Hoosiers. I believe that repealing and replacing Obamacare may have had more of an economic benefit for many average families than whatever this US House and Senate might come up with in terms of tax reform.
I hope I am wrong in that cynicism. I understand that improving the economy through tax reform helps families, but I hope there is some tax reform targeted directly toward reducing the burden on families.
When the President and Congress reformed taxes in 1986 pro-family considerations were significant parts of the plan. The dependent exemption was doubled then. However, since the Child Tax Credit was last expanded in 2003 it has lost 25% of its real value because it has not been indexed for inflation. The Child Tax Credit should be raised to at least $2500 in order to help most families, according to this economic study here.
A less technical explanation in an editorial providing examples to young people as to why the CTC should be raised for their futures can be read here: https://www.deseretnews.com/article/865691474/Op-ed-A-tax-decision-for-millennials-that-doesn7t-require-Dad7s-help.html
There are many ways families could be helped with tax relief after a decade of stagnant wages. (President Trump has expressed support for some of them.) Let’s hope whatever Congress finally comes up with, in the midst of talk of corporate tax rates and pass through business rates, that they also remember the family.