Note: Good! Let the Tax Credit for Our Stolen Children Expire!
You’ve probably heard that the Bush-era tax cuts are set to expire this coming December 31st. The expiration of these tax cuts, along with across-the-board spending cuts mandated by the August 2011 deal raising the debt ceiling, have been dubbed the “fiscal cliff.”
Economically speaking, it’s not difficult to find explanations why the “fiscal cliff” as a whole would be bad for the country. But Washington’s failure to set priorities and make tough, but needed, choices—otherwise known as “their job”—would also hurt ordinary, vulnerable people.
Case in point: a provision in the Internal Revenue Code that allows families to claim a tax credit to help offset the cost of adopting a child. The credit, which first became law in 1997, provides a one-time federal tax credit of up to $13,000 for “qualified adoption expenses.”
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