NORTON RAINEY: The Best-Kept Secret In This Year’s Tax Cut
This Tax Day, families shouldn’t just think about how much they will get back. They should also know about an opportunity that could change their child’s future trajectory.
In the years ahead, filing taxes may start to feel very different for taxpayers and parents.
The Working Families Tax Cut, which prevented the largest tax hike in American history, means Americans will keep more of what they earn. Many working families can expect an average refund of $3,700 this year – an immediate and much-needed boost to household finances.
But tucked inside this tax relief package is something far more transformative, something most families have yet to hear about.
The Education Freedom Tax Credit, a provision allowing taxpayers to direct a portion of what they owe, up to $1,700 toward scholarships for students, may be the best-kept secret in this entire bill. That’s what makes it so significant, and why it won’t remain behind the scenes for long.
At a time when families are squeezed by rising costs, from groceries and energy bills to housing and childcare, education has quietly become one of the most significant and most overlooked expenses. Many parents feel constrained by a one-size-fits-all system........
