House votes to preserve, expand child tax credit

[janette]

This is good news, I might get a refund this year!

House votes to preserve, expand child tax credit

06:25 PM CDT on Thursday, May 20, 2004

Associated Press

WASHINGTON – The House voted Thursday to prevent parents from losing part of their child tax credits next year, one of three popular tax cuts that Congress wants to preserve before the November elections.

The bill, passed 271-139, cuts taxes $228 billion over a decade and expands the credit's coverage by more than doubling to $250,000 the amount a couple could earn and still claim the full benefit.

"This is about children. It's about families," said Rep. Nancy Johnson, R-Conn. "It's tough to raise a family today."

Democrats roundly criticized the GOP for offering bigger tax cuts to wealthier families and cutting taxes while war costs escalate and budget deficits deepen.

"I have two children, and I'm going to vote against this bill because I don't want to send them the bill for the money that we're borrowing to pay for our increased spending and tax cut after tax cut after tax cut," said Rep. Robert Andrews, D-N.J.

The bill is the latest in a series showcasing President Bush's tax cuts before the election and calling for making them permanent. The House also passed bills that would preserve tax cuts for married couples and broaden the bottom tax bracket.

The Senate plans to wrap all three tax cuts into one bill and pass them later this year. The Republican budget, passed in the House, envisions a final bill that stops short of making the tax cuts permanent and instead calls for a one-year extension.

 

[Toby'sFriend]

OMG JANETTE!

You just made my day!

 

[Disney Doll]

That's great!

I wonder what they are going to do for all the folks who don't have kids who would like a tax credit???

 

[GoofItUp]

Hurrah for people with kids!

Since I don't have any, could I do the 'support-a-kid' program where for less than a cup of coffee a day the kid will get shots, learn to read and right, and have a healthier, happier life and I count that for the tax credit?!

 

[Bob Slydell]

 

[RitaZ.]

Wow, that's great news!

 

[BedKnobbery2]

I guess I'm the only one not overjoyed by this--I find it shocking and horrifying! I have to agree with Sen. McCain on this one....why in the WORLD are we cutting taxes during a war?

And like Rep. Andrews, I do not want to saddle my children with an overwhelming deficit and tax burden simply to get a few extra bucks in my pocket today.

And lastly--the tax credit is extended to couples earning a QUARTER MILLION DOLLARS per year? Are you kidding me?

 

[Bob Slydell]

Originally posted by Disney Doll
That's great!

I wonder what they are going to do for all the folks who don't have kids who would like a tax credit???

You missed this part of the above posted article:

The bill is the latest in a series showcasing President Bush's tax cuts before the election and calling for making them permanent. The House also passed bills that would preserve tax cuts for married couples and broaden the bottom tax bracket.

 

[palmtreegirl]

Originally posted by BedKnobbery2
I guess I'm the only one not overjoyed by this--I find it shocking and horrifying! I have to agree with Sen. McCain on this one....why in the WORLD are we cutting taxes during a war?

And like Rep. Andrews, I do not want to saddle my children with an overwhelming deficit and tax burden simply to get a few extra bucks in my pocket today.

And lastly--the tax credit is extended to couples earning a QUARTER MILLION DOLLARS per year? Are you kidding me?

 

[LynnythePooh]

I took the Capital Tour yesterday and was in the gallery listening/watching the debate! So Cool! And a great experience for DS's - they want to know if some of the credit will show up in their wallets!!