The rising costs of childcare, healthcare, and education, coupled with stagnating wages, have made raising a child a financial high wire act for many American families. Unfortunately, much of the Bush tax cuts were designed to provide benefits to the people who don’t need them, while middle-class families struggle to manage the expenses of raising a family — expenses which only increase with each new child. Targeted tax relief to middle-class families will help them to mange the crunch of balancing work and family, achieve their aspirations, and contribute to America’s economic growth.

Key Facts

·        Families Are Sacrificing More to Have Children.

·        More Young Adults are Waiting Longer to Have Children.

·        It Often Takes Two Incomes to Raise a Family.

·        Child Care Can Pose a Huge Financial Burden on Families.

·        Millions of Americans Are Struggling to Manage the Financial Crunch in Balancing Work and Family.

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In his State of the Union Address, President Bush announced a new health care proposal that he claims will“help more Americans afford their own insurance.” In fact, however, the President’s proposal is more likely to weaken the nation’s health care system than it is to make things better. It will not help the vast majority of the 47 million uninsured and will not address the inefficiencies in health care that contribute to skyrocketing costs. What it will do is undermine our country’s most reliable source of health care coverage - the employer-sponsored system - and put more and more people into the individual market where the risks are much greater.

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The federal government’s ill-conceived royalty relief program for offshore oil and gas drilling could cost taxpayers up to $80 billion—with precious little to show for it. There is scant evidence that royalty relief materially affects the domestic supply of oil and natural gas or our dependence on foreign energy sources. Moreover, money spent on tax incentives for oil and gas companies to encourage deepwater drilling is very likely to have a greater impact on energy security if used to encourage conservation or the development of renewable energy alternatives. As an economic policy, royalty relief appears to have no net effect on jobs at the national level or any effect on energy prices paid by consumers.

For the full text of this report, please click on the file listed under "Related Resources."