ECFC Statement of Values Regarding Tax Policy
Tax policies are a critical component of our nation’s investments in these families. Current provisions, such as the Child Tax Credit and the Dependent Care Tax Credit, make work pay and lift many out of poverty. However, they fall short of their potential to help because some low-income families fall through the cracks. Credits for working families would be more effective if they were expanded, covered all low-income families, and made fully refundable. Any tax reforms should be focused on changes that help working parents make ends meet, but many of the changes being considered won’t provide meaningful help to these families.
Recent tax proposals have been estimated to increase the deficit by over $1 trillion, according to the Joint Committee on Taxation, leaving a huge hole in the U.S. budget that must be filled – a hole that can in no way be filled through private philanthropy. The budget blueprints announced by the Administration and Congress for 2018 outline plans to fill that hole through deep cuts to Medicaid, the Supplemental Nutrition Assistance Program, education, and other programs critical to the health, learning, and well-being of young children and their families.
Our national policies and programs should promote good health, early childhood development, lifelong learning, and adequate income for working parents and their children. Our foundations fund innovation, research, and programs to support our next generation of American workers and leaders- to ensure the long-term success of our country. We achieve our missions by building on a foundation of strong public investment. Policies that create huge deficits and lead to cuts in critical supports will undercut our public-private partnership and, more important, put our next generation at risk.
As adopted by ECFC Steering Committee on November, 2017