Global Breaking News - Monday, December 23, 2024

Should the Adoption Tax Credit Be Renewed?

Created 15 years ago, the adoption tax credit now allows parents to claim a credit of $12,650 from their federal income taxes to defray the costs of any adoption. (Although it no longer allows families to claim a refund if the credit exceeds their tax bill, as it had in earlier years.) The credit expires at the end of the year for adoptions other than those of foster children with special needs. Should the adoption tax credit be renewed with the refund provision included so that even families of modest income can claim it?
* adoption tax credit = 입양 세금 공제/ defray = (이미 쓴 비용을) 돌려 주다(갚아 주다)/ foster children = 수양 자녀들/ modest = 보통의, 겸손한, 수수한/ adoptee = 양자

 입양 세금 공제는 (세금) 환불 조항이 포함되어 갱신되어 심지어 평범한 소득을 갖는 가족들도 그 세금 공제를 요구할 수 있어야 하나요? 

1. The Only Hope for Many Who Want Children
The average adoption costs $30,000, and many families simply can't afford that without help.
 
2. Why Not a Credit for Birth Mothers?
The current credit is a form of parental discrimination based on class and economics.
 
3. Make Sure the Neediest Are Covered
A refundable credit would ensure that more families of modest means can provide homes to vulnerable children.
 
4. Encouraging Global Adoption Hurts Families
The international adoption market is still questionable. Help keep foreign families together, and provide aid to troubled adoptees.
 
5. Love Should Not Be Unaffordable
Foster children deserve a place to call home, but the high cost of adoption deters many families. The adoption tax credit is one of the most important resources for them.

Sample Essay

Make Sure the Neediest Are Covered

The adoption tax credit should not only be renewed, but Congress should once again allow it to be refundable – available even if an adoptive family doesn’t have an income tax liability to apply against -- as it was in 2010 and 2011.

A refundable credit would ensure that more families of modest means can provide homes to vulnerable children. When children are adopted from foster care the credit can help care for children with special needs, and keep brothers and sisters together. A 2007 study showed that families who adopt from foster care have, on average, lower incomes than other adoptive families.

In 2010, Mike and Debbie adopted a 10-year-old boy, Timmy, from foster care. They used the credit refund to improve their house so they could bring in other children. In 2011, they adopted the boy’s brother, Daniel, reuniting the boys for the first time in years. They want to adopt two other foster children, but since they have lower incomes, they will not benefit unless the credit is refundable.

When Sarah and Jeremy adopted Micah Mihretu from Ethiopia, it was the proudest day of their lives. Sarah is a teacher, and the adoption would have been impossible without a refundable credit to repay loans for the fees.

Mark and Lenore adopted Rylee and Emery in 2010. The refundable credit ensured they could meet the children’s needs and keep their house when Mark was unemployed for several months. They plan to adopt four brothers and sisters who have been in different group homes, and need to remodel their home and buy a vehicle to accommodate all 12 family members. Without the refundable credit, they will go deeply into debt.

The credit helps families meet children’s special needs. One family adopted five siblings, three with emotional and developmental delays. The adoption credit enabled the children to attend a special school. “My 9-year-old is developmentally delayed,’’ the mother explained, “and with the small class size, her teacher is able to give her plenty of extra attention, and she is doing better than ever. My 8-year-old son is very hyperactive, and with such a small class size, his teacher is easily able to redirect him.”

Susan and Jay began the adoption process for Kayla, Ethan and Markus in 2009. Susan, a social worker, and Jay, a minister, had limited resources, but they bought the children clothes and furniture and purchased a van so the family could travel together. To address the children’s trauma and loss, Susan and Jay took split shifts so one of them was always home. The adoption will be finalized in 2012 so, unless Congress takes action to renew the refundable credit, which expired last year, the family will not be eligible for it.

Unless the tax credit is refundable, many children would remain in expensive foster care. Analysis has shown that each adoption from foster care saves the government up to $235,000, so legislation encouraging adoption from foster care — like a refundable adoption tax credit — can both help vulnerable children and save taxpayers money.