by Isaac Shapiro The nation's handful of millionaires will receive $17 billion in new income tax cuts in 2003, slightly more than the $16 billion in increased child tax credits for 26 million families. Over the next 10 years millionaires will receive about $90 billion in new tax cuts, nearly three times what the 2003 legislation provides over time in increased child tax credits.
by Robert Greenstein This analysis finds the offer that Senate Republican leaders made July 22 on the child tax credit, which adopts much of the House bill, would increase spiraling budget deficits unless offsets are included and would benefit higher-income families much more than low-income families.
By Andrew Lee and Robert Greenstein
Millions of low-income working families with children will receive no benefit from the new tax law's increase in the child tax credit because a critical provision of the Senate's tax bill was dropped from the final bill.
by Isaac Shapiro and Robert Greenstein
A Ways and Means spokeswomen indicated a key provision affecting nearly 12 million children had to be dropped from the tax bill due to the $350 billion overall cost ceiling. Yet this provision costs just $3.5 billion, or one percent of the cost of the bill.
by Robert Greenstein This examination of the fine print of the new Senate child tax credit bill finds it benefits high-income more than low-income families and has a few less-attractive aspects.
by Robert Greenstein The child tax credit bill the House passed on June 12 costs $82 billion, all of it deficit financed; new tax cuts for high-income families would cost nearly six times as much as the modest tax relief for low-income working families.
by Robert Greenstein The child tax credit bill the House of Representatives will vote on today gives a much larger new tax break to Members of Congress, who already receive hefty tax cuts under the new tax-cut law, than to the low-income working families left out of the law.
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