|Tom DeLay- Corporate Whore|
[Washington, D.C.] House Majority Leader Tom DeLay today said that the House would not consider moving legislation to expand child tax credits for the families of 12 million left out of the Republican tax bill passed last month.
Rep. DeLay said that Republicans are moving on to other tax cuts, like repealing the estate tax, Congressional Quarterly reported today. He said that the child tax credit could be re-opened as part of that broader legislation. "I think it's pretty shameable that they now are crying for [the child tax credit]..." said Rep. DeLay (CQ, 06/03/03)
"It is shameful for Tom DeLay to use the child tax credits of low-income families' as a bargaining chip to win bigger tax cuts for his rich friends," said Democratic Congressional Campaign Committee Chairman Robert T. Matsui. "House Republicans will have a hard time explaining why they spent hundreds of billions in tax breaks for the wealthy and left out 12 million children whose families need tax relief most."
The $350 billion tax bill the President signed into law last week provides roughly $90 billion in tax cuts to approximately 200,000 households that make over $1 million. In contrast, the bill will provide no benefit to 8 million children and will only provide limited benefits to an additional 4 million. Additionally, it will provide $100,000 (up from $25,000) dollars in tax-breaks to businesses.
To provide benefits to low-income children, House Republicans could have reduced the top income tax rate to 35.3 percent from 2003 to 2005, and 35 percent thereafter, resulting in a savings of $3.9 billion. This small reduction would have resulted in $400 million more than needed to provide a tax-credit for America's low-income children. [Center on Budget and Policy Priorities, May 29, 2003]
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