Moms or Millionaires? Report Says Congress Has to Make a Choice
Thursday, October 18, 2012
RALEIGH, N.C. - Coming on the heels of Tuesday night's Presidential debate, a report released in North Carolina says Congress has to make a choice between moms or millionaires when it comes to tax credits. Currently, Republican leaders in the U.S. House and Senate have called for extending parts of the estate tax that benefit the wealthiest, while ending some tax credits for thousands of families.
Beth Messersmith, spokesperson for the grassroots group, MomsRising, says the choice is clear.
"To me it's heartless. It's an easy decision. We have to invest in our kids. Especially at a time when we're seeing so many of the services families really depend on, all sorts of other supports, being cut."
The report, released by the NC Budget and Tax Center, shows that more than 500,000 North Carolina families benefit from the Earned Income Tax Credit and Child Tax Credit. Conversely, only 140 households benefit from the estate tax extension.
Messersmith would like lawmakers to choose tax policies that benefit the greatest number of people, versus breaks for the estates of the wealthiest .3 percent who die each year, which equals about 7,000 people, she says.
"At the heart of this election is looking at how we best provide for all of America's families, all of America's children."
The Earned Income Tax Credit and Child Tax Credit benefit an estimated 13 million moderate-income working families nationwide, according to the Center on Budget and Policy Priorities. North Carolina families have also been affected by state budget cuts to Smart Start and Pre-K programs.
The report is available at www.cbpp.org.
Reporting for this story by North Carolina News Connection in association with Media in the Public Interest. Media in the Public Interest is funded in part by Z. Smith Reynolds Foundation.
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