We’re thankful for a new family credit and expanded child tax credit

This week is all about family and giving thanks, which is why we’re thankful the Tax Cuts and Jobs Act puts American families first:

The House bill takes the child credit from $1,000 to $1,600, below the $1,800 or $2,000 that Messrs. Rubio and Lee want. The House bill also creates a new $300 credit for each person in a filer’s family who isn’t a child, including the primary taxpayer and non-child dependents such as college students. For example, a married couple with two children in 2018 and making $60,000 would see their tax bill drop to $472 from $1,608.

That means a huge break for American families. This is on top of the fact that the bill increases the standard deduction and drastically simplifies our tax code.

What a perfect reason to be thankful.