A Paul Presidency Could Mean Trouble for Tax Credits
Senator Rand Paul (R-Ky.) officially joined the ranks of 2016 presidential hopefuls when he announced his candidacy this morning. Unlike the other candidates, he comes to race with an extensive and well-documented policy record, including his own fully-loaded federal budgets.
Paul’s tax reform proposals from earlier years spell disaster for many safety net programs. His 2012 budget stripped the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) of refundability. The Senator’s 2013 budget went even further, providing a sample tax return form that notably excluded any non-mortgage interest tax credits or deductions – including the EITC and CTC.
Rendering the EITC and CTC nonrefundable would reduce the credits for workers at the lower end of the income scale – many of those who need the help most. Axing these credits completely would destroy two of our nation’s most successful and bipartisan anti-poverty programs and push millions of families and their children deeper into poverty.
Tax Credits for Working Families will closely monitor any updated proposals from Sen. Paul and other presidential hopefuls. For breaking news updates, you can follow us on Twitter.