The Center on Budget and Policy Priorities has updated their analysis of the proposed expansion of the Child Tax Credit (CTC) that is currently being debated in Congress. The CTC expansion is included as part of the "tax extenders" package of tax cuts that is scheduled to be debated this week. Looks like the expansion would help some pretty hard working folks:

Federal News Radio posted a short report from earlier this week about efforts at the Internal Revenue Service (IRS) to collect over $3.5 billion in back taxes from federal employees. The Internal Revenue Service is trying to collect billions of dollars in unpaid taxes from nearly half a million federal employees. According to IRS records, 171,549 current federal workers did not voluntarily pay their federal income taxes in 2007. The same is true for 37,752 active duty military and nearly 200,000 retired civilian and military personnel.

Earlier this week, we highlighted two hearings in the House of Representatives that were focusing on issues of waste, fraud, and abuse and federal contracting. Our friends over at the Project on Government Oversight (POGO) have had their A-game this week. They not only testified at one of those hearings, but have provided some excellent previews, commentaries, analysis and reports, and summaries on the hearings this week. All of the POGO materials are worth at least glancing through, if not reading thoroughly.

The Senate is getting serious about approving an AMT patch, the tax extenders package, energy-related tax cuts, and a package of tax cuts intended to provide relief for the Midwest flood victims. Although the $17 billion energy section of the bill is fully offset, the AMT/extenders section is only partially offset. On Wednesday, Senate Majority Leader Harry Reid (D-NV) filed for cloture for the bill, setting up a vote on the measure as early as Thursday. The $124 billion bill breaks down like this: Tax Package to be Considered by Senate, Week of Sept. 15, 2008 Provision Cost Offset