Future parents in Georgia will be able to claim a tax deduction for their unborn children. Georgia is ramping down on anti-abortion rhetoric after the US Supreme Court overturned Roe v. Wade. The announcement comes after Georgia banned abortion once a detectable human heartbeat is heard.
Is It still possible that Biden Administration approve another nationwide Child Tax Credit soon during the post-Roe era?
When To Receive Child Tax Credit?
Georgia Department of Revenue, taxpayers can claim a $3,000 deduction for each unborn child from July 20, 2022, through December 31, 2022. The deduction is available to the parents of any unborn child with a detectable heartbeat.
If the Department requests it, appropriate medical documents or other supporting paperwork, similar to any other deduction claimed on an income tax return, must be produced to substantiate the dependent deduction claimed. Doctors may detect a heartbeat in unborn infants as early as the sixth week of pregnancy, according to medical data, as per Marca
Miscarriage occurs when an embryo or baby dies in the womb before the 20th week of pregnancy and affects 10 to 15% of all known pregnancies. Experts, however, have long thought that these rates are far higher. In actuality, it's likely that up to half of all pregnancies end this way - but we'll never know because most go unreported or happen before a woman ever realizes she's pregnant.
To qualify for the tax exemption, people may be required to provide written documentation to the tax department, such as medical documents. It's also supposed that the exception only applies to pregnant women, although that's not clear as of now.
When you travel down this rabbit hole, Kreis says that the state treasury may unintentionally end up handing up a large amount of tax income, which would be significant financial damage. On the one hand, pro-life Americans appear happy because they believe it addresses a big portion of the pro-choice argument, according to Mom via MSN.
Would Biden Administration Approve Another Child Tax Credit?
Despite the economic currents that are drowning middle-class parents, Democrats have shown little enthusiasm for bipartisan solutions since conservatives won their most valued family policy, overturning Roe v. Wade.
However, the worry that is plaguing progressives must not derail a new initiative by Senate Republicans, led by Mitt Romney (Utah), to give economic security and resurrect tax refunds for parents, cushioning the pinch of rising costs while assuring children's healthy growth.
President Biden used the Child Tax Credit to decrease tax costs for 36 million families, raising roughly 4 million children out of poverty with monthly payments - a powerful project that Republican leaders destroyed earlier this year.
However, post-Roe and anxious to re-create a pro-family GOP, Romney wants to reinstate Biden's original tax breaks, getting dangerously near to legislating an income level below which no parent would fall, The Hill reported.
Romney's Family Security Act 2.0 would provide parents with $4,200 per year for each kid under the age of six, and $3,000 for older children under the age of seventeen. His tax credits, which reduce money owing to the IRS, would outperform Biden's by over 20%. Most low-income households would get more cash refunds than they owed in federal taxes, resulting in a universal basic income long favored by leftists.
The White House and prominent Democrats have been deafeningly silent on Romney's candidacy. Biden's obvious concern of upsetting his parties left-wing undermines bipartisan collaboration. Two parts of Romney's family plan irritate the party's progressive edge while inviting compromise.
Romney replicates conservatives' pro-work zeal by limiting the whole child credit unless both parents work and make at least $10,000 per year. Low-income parents earning less than $5,000 per year would receive half of the return per kid.