Among the major pieces of legislation up for grabs in Congress is the inappropriately named “Tax Relief for American Families and Workers Act,” which the powerful House Ways and Means Committee passed Jan. 19 with bipartisan support.
The bill could receive a House floor vote as soon as this week, although there is considerable debate within the GOP caucus.
A Republican-led committee’s producing a “tax relief” package might seem like good news for conservatives. However, important details mean it’s not just flawed, but also the latest example of Washington making the nation’s debt crisis even worse.
The package contains a combination of corporate tax breaks and other provisions affecting individuals, with changes to the child tax credit as a central point of debate.
To offset the cost of the tax credits—91.5% of which is spending done through the tax…
