During a recent government meeting, a parent shared a compelling testimony highlighting the positive impact of the Tax Cuts and Jobs Act (TCJA) on their family. With three children and both parents working, the family has experienced significant financial relief due to several key provisions of the TCJA.

The expansion of the child tax credit emerged as a crucial benefit, particularly following the birth of their son, Isaac, who was diagnosed with autism spectrum disorder. The parent emphasized that the additional funds from the tax credit have been redirected to cover the substantial costs associated with Isaac's medical appointments and therapies, alleviating a considerable financial burden.

Moreover, the increased standard deduction has simplified the family's tax filing process, allowing them to make financial decisions based on their needs rather than tax regulations. This change has been particularly beneficial in managing their finances more effectively.

The parent also noted the importance of reduced marginal tax rates, which have provided immediate savings as their family’s taxable income has grown due to career advancements. They expressed concern that if these tax reductions were to expire, it would result in an immediate tax increase, adversely affecting their family budget and resources available for their children.

This testimony underscores the tangible benefits of the TCJA for families navigating the complexities of raising children, particularly those with special needs, and raises important considerations regarding the potential expiration of these tax provisions.