Will Promised Tax Credits Disappear Under the Republican Tax Plan?

Will Promised Tax Credits Disappear Under the Republican Tax Plan?

Republican leaders recently told Americans about their new tax reform proposal, introducing it as part of a key bill in the House of Representatives. Most of the provisions in the bill were expected, including a simplified set of tax brackets for individual taxpayers, lower corporate tax rates, the phasing out of the estate tax, and the elimination of other provisions like the alternative minimum tax.

One key break for individuals involves a near-doubling of the standard deduction. Although many taxpayers worried that the elimination of the personal exemption would lead to a net tax increase on larger families, the current proposal includes a replacement in the form of a tax credit of $300 per non-child dependent, in addition to increased child tax credits of $1,600 for eligible children. Yet while the child tax credit increase would be permanent, the $300 credit amount isn't, and that has some questioning the motives of lawmakers.

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Source: Fool.com