Tax Relief, Simplification, and Equity Act of 2003

TAX RELIEF, SIMPLIFICATION, AND EQUITY ACT OF 2003

Ms. COLLINS. Mr. President, I am pleased to be a cosponsor of this amendment offered today by Chairman Grassley, and to add my voice to those of my colleagues who have risen today in support of it. I have long been a supporter of the refundable child credit. I was a leading proponent of the increase in the child tax credit for low-income families that was enacted as part of the 2001 tax bill, and I strongly supported this provision when it was added to the Senate version of the Tax Act passed last month.

The economic growth package the President signed into law last week gives tax relief to all working Americans, including low-income families, many of whom will see a substantial reduction in their taxes. But some low-income families could not receive the benefit of the increased child tax credit that the package provides because the 10 percent earned-income threshold was not accelerated to 15 percent as the Senate version of the package provided. This amendment restores the acceleration of that threshold as this Chamber originally provided.

More than 119,000 Mainers will benefit from the increase in the child tax credit that we approved as part of economic growth package. The action we take today expands the reach of this assistance to thousands more hard-working Maine families. As a member of the Senate Armed Services Committee, I was keenly aware that nearly 200,000 enlisted men and women could claim this credit for their children if we expanded the guidelines. Doing so sends exactly the right message of appreciation as many of them return home from fighting for the cause of freedom in Iraq.