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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (170166)	5/30/2003 1:31:54 AM
From: tejek	Respond to of 1583875

reuters.com U.S. Democrats urge Bush to change tax cut package Thu May 29, 2003 05:57 PM ET WASHINGTON, May 29 (Reuters) - U.S. Senate Democrats on Thursday urged the White House to ensure lower-income families also benefit from increased child tax credits included in President George W. Bush's $350 billion tax cut package. Bush signed the tax cut -- the third-largest in U.S. history -- into law on Wednesday, saying it would boost the economy and help create jobs. Democrats argue it favors the wealthy and will add to record federal budget deficits. One part of the package will boost the federal child tax credit from $600 to $1000 a year, meaning many U.S. taxpayers will receive refund checks of $400 per child later this year. But, because of the way the credit is calculated, many families who make between $10,500 and $26,625 a year will not see any benefit, according to the Center on Budget and Policy Priorities, a liberal Washington think tank. Its conclusions were first reported by the New York Times on Thursday. The Senate initially approved a $3.5 billion provision to also include those families. But Republican leaders cut that from the final bill as they scrambled to keep its cost below $350 billion -- the most key Senate moderates would support. "The obvious solution to this problem is to immediately pass correcting legislation," Senate Democratic Leader Tom Daschle said in a letter to Bush, adding the move could be paid for by "reducing the bill's tax breaks for the very wealthy." But White House Spokesman Ari Fleischer dismissed criticism of the package, saying many lower-income families did not have to pay any taxes at all and so could not expect a refund. "What they will get is they will pay absolutely no income taxes, while people up the income scale, even if they get a larger credit, still pay income taxes," he said.