In a remarkable reversal of tradition, some Republicans have proposed a generous, broad-based federal benefit that Democrats are likely to oppose because it soaks the rich — their rich.
U.S. Sen. Mitt Romney, R-Utah, and his GOP colleagues Richard Burr of North Carolina and Steve Daines of Montana, have created what they call the Family Security Act 2.0. The bill would revive one of the best parts of President Joe Biden’s Build Back Better proposal, its permanent expansion of the child tax credit. It would provide the credit in a different and more useful form, a pure cash benefit as opposed to a credit against taxes owed.
And it would do so without costing the federal government a dime. The proposal would be completely paid for by reform of the confusing earned income tax credit (EITC) and, most importantly, repeal of the state and local tax (SALT) deduction.