PULSE POINTS:
❓What Happened: Indiana Senator Jim Banks introduced the Family First Act, proposing increased tax credits for families with children and pregnant women.
👥 Who’s Involved: Republican Sen. Jim Banks, with supportive comments from Rep. Blake Moore (R-UT).
📍 Where & When: Introduced in the U.S. Senate on Wednesday.
💬 Key Quote: “Congress needs to do everything we can to help parents give their kids a shot at the American Dream,” Banks said.
⚠️ Impact: The bill aims to provide financial relief to parents and expectant mothers, adjusting tax policies and credits to support family formation.
IN FULL:
Senator Jim Banks (R-IN) has introduced new legislation aiming to provide tax relief for American families and pregnant women. The proposal, named the Family First Act, seeks to increase the child tax credit to $4,200 for families with children aged zero to five and $3,000 for those with children aged six to 17. The Act also proposes a novel $2,800 tax credit for expectant mothers.
Banks emphasized that Congress has a vital role in assisting parents to help their children achieve the American Dream, highlighting measures within the bill such as tax reductions, eradication of marriage penalties, and streamlined benefits for hardworking families. The proposed changes would require families to have an income of at least $20,000 to receive full child tax credit benefits or $10,000 during pregnancies, favoring those in gainful employment. Each recipient of the child tax credit would also need a Social Security Number for the parent and child.
The proposal would do away with the Head of Household tax filing status and also streamline the existing Earned Income Tax Credit. Current provisions for the child tax credit, initially expanded during 2021 in response to the COVID-19 pandemic, reportedly lifted approximately 2.9 million children out of poverty, based on U.S. Census Bureau data.
In addition, the Family First Act aims to eliminate the State and Local Tax (SALT) deduction that some taxpayers use when filing federal taxes. The Earned Income Tax Credit would be overhauled to ensure the family portion doesn’t vary based on the number of dependents, aiming to maintain or enhance tax cuts for families.
Representative Blake Moore (R-UT) has expressed support for the legislation, saying, “This fiscally responsible approach affirms the dignity of work and promotes marriage, supporting families as they build stronger and more prosperous communities for the next generation.”
Birthrates are currently below replacement in the United States and the West generally, creating pressure for them to accept mass migration from non-Western countries to address demographic challenges. Pro-family policies like Banks’s could provide an alternative to this economically questionable approach, without the social issues accompanying a large influx of people from less compatible cultures.