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Who Would Pay for the House's "Free Lunch" Tax Cuts? |
Current rating: 0 |
by CHN
(No verified email address) |
18 May 2004
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It's interesting that Congressman Tim Johnson falls in the income range that can receive up to a $22,000 child tax credit, while many of his constituents who make less than $10,750 a year will receive nothing. Thanks a lot, Tim.
/s/
The Working Families of the 15th District |
Two New Reports From The Center on Budget and Policy Priorities
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These two papers underscore the irresponsibility of the House's actions on extending tax cuts. On Wednesday, the House is scheduled to vote to extend the child tax credit. With none of it paid for, the House would spend an additional $79 billion over 10 years (or $87 billion, if you count interest costs on the ballooning debt) to provide child tax credits for families with incomes up to about $300,000. Note this contrast:
$22,000 = the extra tax breaks over 10 years for families with 2 children and incomes between $150,000 and $250,000.
$0 = the tax breaks available for families with children earning less than $10,750. These below-poverty, above minimum wage earners would remain ineligible for the child tax
credit.
HOUSE BILL ADDS $69 BILLION IN DEFICIT-FINANCED TAX CUTS BY EXTENDING CHILD TAX CREDIT TO FAMILIES WITH INCOMES UP TO ABOUT $300,000
Bill Includes Temporary Token for Low-Income Families, Alongside Large New Permanent Tax Cuts for Higher-income Families, Including Members of Congress
by Robert Greenstein
http://www.cbpp.org/5-18-04tax.htm
http://www.cbpp.org/5-18-04tax.pdf 5pp.
WHO WOULD PAY FOR THE HOUSE'S "FREE LUNCH" TAX CUTS?
In Assessing Whether to Make Any Tax Cuts Permanent, How to Pay for Them and How to Address the Long-Term AMT Problem Needs to be Considered
by Joel Friedman and Isaac Shapiro
http://www.cbpp.org/5-18-04tax2.htm
http://www.cbpp.org/5-18-04tax2.pdf 8pp.
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Join the Opportunity for All Campaign
The choices in the federal budget will make a profound difference in the lives of millions of Americans. Is the door to opportunity slamming shut, or will people get the chance to find and keep a decent job and provide for their children, and to have health coverage, affordable housing, and a secure retirement? Because these choices are too important to be left to a handful of insiders, the Coalition on Human Needs has started the Opportunity for All Campaign. In order to succeed, we need tens of thousands of advocates to receive timely information and to speak out in favor of fair and commonsense budget decisions. If you would like to be a part of the Opportunity for All Campaign, send an email to Adam Hughes at ahughes (at) chn.org
http://www.chn.org/humanneeds/article.asp?Art=2129 |
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