Child Credit Preservation and Expansion Act of 2004

CHILD CREDIT PRESERVATION AND EXPANSION ACT OF 2004 -- (Extensions of Remarks - June 02, 2004)

SPEECH OF
HON. BETTY McCOLLUM
OF MINNESOTA
IN THE HOUSE OF REPRESENTATIVES
THURSDAY, MAY 20, 2004

Ms. McCOLLUM. Mr. Speaker, today the House considers H.R. 4359, to make the increase in the child tax credit permanent and expand it for taxpayers in the $110,000 to $300,000 range. Instead of taking responsible steps to make permanent a tax cut to help working families with children, this bill balloons our federal debt and gives thousands of dollars in extra tax breaks to the very wealthiest Americans.

Meanwhile, those who need help the most, low- to moderate-income working families with children, receive little benefit under this bill. And those at the very bottom get nothing. Even worse, this bill threatens middle-class families as the legislation fails to pay for these tax cuts-increasing record deficits that threaten economic growth, raise interest rates, and cost jobs.

I support middle-class tax cuts and the child tax credit, but middle-class families would be much better off if these tax cuts were paid for and targeted to those who need them most. I support the Democratic alternative which makes sure these tax cuts are paid for through 2010, increases the child tax credit for more than 31 million middle-income families with children, over 75 percent, currently receiving the credit, and provides the child tax credit to an additional 2.5 million working families, instead of showering more tax cuts on those who have already benefited under the Bush tax cuts.