Maloney Introduces Family Tax Cut Bill

BETHEL — At a new conference last week, Democratic Congressman Jim Maloney (CT-05) announced the introduction of his “Family Tax Cut Act,” HR1153.

“Connecticut residents and all Americans deserve to reap the benefits of our country’s surplus. My proposal is a responsible way to provide tax cuts for all of our families. While Congress debates numerous tax proposals, my plan adds $1,500 to the existing tax credit, bringing the total tax relief for families to $2,000 per child, per year. In addition, my plan provides immediate tax relief,” said Congressman Maloney.

“My Act contains three simple goals,” he said. “First, it increases the child tax credit from $500 to $2,000 per child, every year until they reach the age of 18. Next, my legislation eliminates the Adjusted Gross Income [AGI] based on the phase out which makes the credit available to every family. Third, my bill ensures the credit is refundable for all families.

“Under my proposal parents will receive a $2,000 tax credit for each of their school-aged children every year. This gives families the power to use the money for whatever purposes they deem best for their children including textbooks, extracurricular activities, tutoring, or savings for a college education,” said Congressman Maloney.

“Under the Family Tax Cut Act, a one-child family would get back $2,000, a two-child family would receive $4,000, and a four-child family $8,000. This is a direct benefit to families, and is a sensible, balanced approach to providing much needed tax relief,” Rep Maloney explained.

“I will work in Congress to pass this important legislation. I will also fight to pass other important tax relief like eliminating the marriage penalty and estate tax. At the same time, I will work to see that we pay down the debt and leave funding for important programs like education and prescription drugs for seniors,” concluded Rep Maloney.