Amid talk of the “fiscal cliff” and how much wealthier Americans should pay the government, not much attention has been paid to the most vulnerable class of tax code casualties: orphans and foster kids desperately hoping to be placed in loving homes.
According to the National Council for Adoption, there are more than 100,000 children in foster care in the U.S., and millions more orphaned and abandoned children around the world.
While both parties in Washington, as well as the White House, appear to support the adoption tax credit, the standoff over renewing a much broader package of tax cuts could doom it. Democrats want to make renewing the Bush tax cuts contingent on raising income taxes for people earning $250,000, while Republicans are adamantly opposed to anything that raises taxes above current levels. Unless Congress acts to extend this tax credit, on Jan. 1, 2013, the only credit for adopting will apply to parents who take in special needs children from within the U.S. — and that credit will be for just $6,000.
“When you look at the numbers, you see that folks under $100,000 make up the bulk of the adoptions,” Kroll said. “It’s stunning how many families at lower income levels are adopting children.” That’s why Kroll wishes the heated political debate about the Bush tax cuts did not include an incentive for helping otherwise helpless kids. “I wish the discussion of all the different taxes did not include this particular tax issue,” Kroll said. “It is support to families that are adopting, and doesn’t belong in the political mix.” You can read this entire story by clicking here.
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