Improved Child Tax Credit Introduced in U.S. Senate

Posted on December 16, 2008
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Senators Max Baucus and Harry Reid have introduced a tax extenders bill that would lower the income level to qualify for the federal Child Tax Credit (CTC) from the current $12,050 to $8,500, the same amount as in a House-passed bill. The Child Tax Credit is a credit of up to $1,000 to help families with the costs of raising a child. Under current law, the CTC is not properly indexed for inflation. As a result, many low-income families will become ineligible to receive the CTC unless Congress adjusts the eligibility threshold. Under the Senate bill, 34,848 Minnesota children would become eligible for the CTC and 120,715 children would receive a larger credit.

Congress is expected to vote on a final bill in September. The Center on Budget and Policy Priorities has a good issue brief if you want to read more about the CTC.

-Steve Francisco

Taxbreak During a Recession

Posted on December 13, 2008
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the system and all is well. I heard a report on the radio today that there is a Republican Congressman who is proposing they take the 350 Billion left from the Bailout Package and give the American People a “Tax Holiday”. I have just confirmed the story

Apparently, Louis Gohmert, Jr. (R-TX) is a rank-and-file Republican has put together legislation that will indeed give all U.S. Citizens a 2 month moratorium on Federal Income Tax and FICA. It is roughly 25% of most peoples salary. This would amount to about $322 Billion over the course of the 2 months. Rep. Gohmert has only been in Washington since 2004, apparently not long enough to be indentured to anyone but his charges in District 1 of Texas. History proves that tax cuts are the sure way to bolster a failing economy.
For the first time, the people being rewarded are not going to spend the money on corporate retreats, buying new ventures or flying their personal jet to church on Sunday.
Gohmert’s plan does not currently include corporations, though if the employees did not have to pay the taxes, the corporations would get a break as well. The plan is apparently limited to individual tax payers. Gohmert’s premise was that the individual taxpayers “always do better with their own money than the government does.” He said “It would be so much more valuable to the economy than having one person who’s been wrong on just about everything they’ve predicted or said having that much power.”
While this is all great news, the bill needs to make it to the floor and there have already been murmurings that Scary Pelosi won’t let it hit the floor. I think the best thing we as tax payers can do to make sure we get our taxes back is call… not e-mail… call every representative we can get a hold of tomorrow. (Certainly call Nancy Pelosi) Clog the phones so that they know we are aware of the plan… and we are watching to see what they are going to do with OUR money. If you need to get the contact information for your Representatives, you can find all of the information by your zip code at www.Govtrack.us .

If you would like to call Nancy Pelosi’s offices to make sure she understands that we know about the legislation, you can call her CA office at (415) 556-4862 or her Washington, DC office at (202) 225-4965 or both if you really feel strongly about it. I just did.

Source: www.HumanEvents.com