Saturday, July 17, 2004

Because once you have money, there's no such thing as enough

Robert Kuttner writes in the Boston Globe that congressional conservatives "are hoping to pass yet another budget-busting tax cut this summer," including an expansion of the child tax credit to include "well-to-do families with incomes of up to $309,000." In a version of law passed by Congress in 2003, "families earning between $10,500 and $26,625 got nothing, including 260,000 children of active-duty servicemen and women. All told, about one child in four was excluded." The proposed expansion of the law would do nothing to include those families excluded from the bill at the lower end of the income scale. Instead, whereas the "preexisting law wisely phased out all child tax credit benefits at family incomes of $149,000." The new proposal "would more than double that income ceiling at a cost to the deficit of $89 billion over 10years."
Source: Progress Report

....but hey, do what you want....you will anyway.

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