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The American Rescue Plan Act, which became law in March, includes an increase in the child tax credit of up to $3,000 per child and makes it a refundable credit. This means that a parent gets the credit even if he or she pays no taxes. It is money for nothing.
My initial thought when I heard about the credit going to people who don’t pay taxes was that this is just another example of Democrat wealth redistribution. After all, this is the same administration that is proposing a double death tax. Writing at National Review, Ryan Ellis explains that the Biden administration, in addition to the current tax that takes 40% of already-taxed money from well-to-do estates, now wants to add another tax. This one would tax a decedent’s unrealized capital gains if the assets were sold after the decedent passed away but in the same year he or she died.
So, as I said, I was unhappy with this latest example of redistribution. I realized, though, that I was thinking about it all wrong after I talked to a good friend. He told me that he is putting his children into private school and using the tax credit to pay for it. That made me think.
One of the biggest obstacles to private school for many parents is cost. As a general principle and as a conservative, I do not support this transfer of wealth, but I am intrigued by the possibilities. It would be a sweet irony if this giveaway gives millions of parents the financial means to get their kids out of government schools.
So here is our opportunity. Let’s reframe the plan as the Biden Plan to Enhance Private School Enrollment and promote it for that purpose. That is making lemonade from lemons.
Here you go, parents. Avoid CRT, reduced standards, and the other craziness that are our public schools. Think of it as the vouchers you’ve been waiting for to get your child out of those horrible, government-run, union-controlled public schools.
The checks started arriving just as the kids were going back to school. Great timing, Democrats. Thanks!