Bill to Give More Low-Income People Child Tax Credit
by Matt Lewis, 11/13/2007
The carried interest provisions may have gotten the headlines, but the AMT patch package that the House passed late last week also includes some important changes to the Child Tax Credit.
The Center on Budget and Policy Priorities has a good rundown of how the tax credit works, and what's wrong with it. Essentially, the way it's structured now, millions of low-income families get no benefit at all, while many more are seeing their credit reduced by inflation.
The Center's also done a good job explaining how the newly-passed provisions would help working families. It would make more families eligible for the refundable credit, and boost the size of the credit for families that already get it.
In anticipation of the Senate's consideration of the AMT patch package, Senator Barack Obama is now circulating a "Dear Colleague" letter to other members of the Senate in support of the House-passed reform to the child tax credit. Groups are urging people to call their Senators and make sure that they have signed the letter.
