[lbo-talk] Tax cut eliminates low-income credits

[Max B. Sawicky]

The header is inaccurate & the text below misleading.
What was not included in the tax bill was an expansion
of the Child Tax Credit that is still due to take effect
in 2005 that might have been speeded up, along with all
the stuff for higher income persons.  There is no
elimination of any existing credit.
Now this is certainly a heinous act, but it
pays to get the story straight.

mbs

-----Original Message-----
From: lbo-talk-admin at lbo-talk.org [mailto:lbo-talk-admin at lbo-talk.org]On
Behalf Of Brian O. Sheppard
Sent: Friday, May 30, 2003 8:46 PM
To: lbo-talk
Subject: [lbo-talk] Tax cut eliminates low-income credits

Last-minute change left out 12 million children from tax break: critics
Fri May 30, 3:31 PM ET

WASHINGTON (AFP) - A last-minute change to the 350 billion-dollar tax cut
bill signed by President George W. Bush this week scrapped a credit for
nearly 12 million children in low-income families, analysis showed.

The analysis was released by Center for Budget and Policy Priorities, a
budget watchdog group, but the maneuver had already drawn fire from
critics of the tax bill who claimed it is skewed toward the wealthy.

The bill provides a tax credit of up to 400 dollars per child, but
families with annual incomes between 10,500 and 26,625 dollars were cut
out of that benefit in the final compromise draft passed by Congress.

[more at
http://story.news.yahoo.com/news?tmpl=story&u=/afp/20030530/ts_afp/us_econom
y_taxes_030530193127
]

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