About a week ago I was talking to a friend about the adoption tax credit that offers a $10,000 credit when you adopt. This friend claimed the credit was George W. Bush’s idea and lamented that if Barack Obama gets elected the credit will vanish. So I decided to sort out some facts. Which is harder than I thought.
To start with the basics, the adoption tax credit started in 1997 as a $5,000 credit and was raised to $10,000 in 2001 as a part of Bush’s tax cuts. Bush didn’t start the tax credit, though he did raise it. It’s also not clear if this is something Bush pushed for or if it was just part of the package. It’s also slated to expire in 2010 if it’s not renewed.
And this is where it gets tricky. Where do the current presidential candidates stand on renewing the adoption tax credit?
Continue reading McCain vs. Obama: Getting Answers on the Adoption Tax Credit