Congress to Choose: Extend Tax Credit Changes That Help Families or Extend Estate Tax Cut That Helps the Wealthy
Later this year, as Congress considers which expiring tax cuts to continue or modify, it will debate two options that have price tags in the same ball park, but vastly different effects. One plan benefits a small number of multi-million-dollar estates and the other benefits about 13 million working families.
According to a new report from the nonpartisan Center on Budget and Policy Priorities, the plan approved by the House in August would extend lucrative tax breaks for about 40 very large estates in Wisconsin, while discontinuing enhancements to two tax credits for families with kids, which would adversely affect 155,000 low- and moderate-income Wisconsin working families. Read the full press release.