House Votes to Keep Child Tax Credit
WASHINGTON (AP) _ The House voted Thursday to prevent parents from losing part of their child tax credits next year, one of three popular tax cuts that Congress wants to preserve before the November elections.
The bill, passed 271-139, cuts taxes $228 billion over a decade and expands the credit’s coverage by more than doubling to $250,000 the amount a couple could earn and still claim the full benefit.
``This is about children. It’s about families,″ said Rep. Nancy Johnson, R-Conn. ``It’s tough to raise a family today.″
Democrats roundly criticized the GOP for offering bigger tax cuts to wealthier families and cutting taxes while war costs escalate and budget deficits deepen.
``I have two children, and I’m going to vote against this bill because I don’t want to send them the bill for the money that we’re borrowing to pay for our increased spending and tax cut after tax cut after tax cut,″ said Rep. Robert Andrews, D-N.J.
The bill is the latest in a series showcasing President Bush’s tax cuts before the election and calling for making them permanent. The House also passed bills that would preserve tax cuts for married couples and broaden the bottom tax bracket.
The Senate plans to wrap all three tax cuts into one bill and pass them later this year. The Republican budget, passed in the House, envisions a final bill that stops short of making the tax cuts permanent and instead calls for a one-year extension.