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

To: Alighieri who wrote (170953)	6/10/2003 10:01:13 PM
From: tejek	Read Replies (1) \| Respond to of 1583415

<font color=red>Damn, they're at it again; and the ink isn't even dry on the last one. They're acting like they are going to lose the WH in 2004.<font color=black> _______________________________________________________ House Republicans propose new $82 billion tax-cut plan By JAMES KUHNHENN Knight Ridder Newspapers WASHINGTON - When Congress passed a $350 billion tax cut last month, lawmakers left a lot of low-wage families out of being eligible for a tax credit they expanded to $1,000 per child from $600. Last week the Senate approved a follow-up bill that would extend the $1,000 child tax credit to cover those families and others, at a cost to the Treasury of another $10 billion. On Tuesday, Republican leaders in the House of Representatives upped the ante with a new $82 billion tax-cut plan that would give the $1,000 per child credit to families with both low and high incomes, as well as adding other bonuses that critics said ignored the swelling federal budget deficits. The House strategy essentially dares Democrats and moderate Senate Republicans to oppose it, which would risk killing both versions. Republican leaders also appeared to defy President Bush, whose spokesman this week urged the House to pass the Senate version. House passage of this latest tax cut is certain Thursday. But chances for its success in the Senate, where moderates from both parties argue that more tax cuts will drive deficits sky-high, was unclear late Tuesday. The House proposal is an attempt to ride along on the popularity of the Senate-passed bill, which extended child tax-credit benefits to 6.5 million low-income families, and expand it into an attempt to achieve broader tax reductions for higher-income taxpayers and members of the armed forces. The House bill would extend the $1,000 child tax credit through 2010 for families that make less than $150,000. Under the tax cut that Congress passed last month, the $1,000 credit expired in 2005 and went only to families that make less than $110,000. The Senate proposal expanded the $1,000 credit so that families whose wages are too low to pay income taxes also would benefit from the bigger child-tax credit. The Senate bill would be paid for by increases in Customs Service fees. The House Republican version contains no provisions to offset its loss of revenue and increased spending. "I philosophically support the (House Republican) proposal," said Sen. Charles Grassley, R-Iowa, the chairman of the tax-writing Senate Finance Committee. "I don't know if there are enough Senate votes to pass it. But it's hard to predict. It could end up being structured to appeal to a majority of senators, including some Democrats." The White House gave no indication Tuesday whether it supported the House version. "The president thinks that acting on the child tax credit is important, and is something that Congress should come together to do," spokeswoman Claire Buchan said after a meeting between Bush and congressional Republican leaders. Rep. Charles Rangel of New York, the top Democrat on the tax-writing House Ways and Means Committee, accused House Republicans of exploiting the poor. "The fact that the House Republicans would hold tax relief for working families hostage until they get even more tax cuts shows a disdain for the poor," he said in a statement. Rep. Bill Thomas, R-Calif., the chairman of Ways and Means, criticized the Senate bill as a politically inspired measure designed by Democrats to help them in the 2004 elections. House Majority Leader Tom DeLay, R-Texas, has criticized the tax-credit payment to low-income families, saying it shouldn't benefit people who don't pay taxes. But on Tuesday, House Republicans argued that instead of eliminating the benefit, it should be expanded. "If these people need help between now and the next election, then they need it for the next decade," Thomas said. The bill includes tax breaks for members of the military, including capital gains-tax reductions and tax exemptions for dependent care assistance. It also provides tax breaks for families of astronauts who die in space shuttle missions, including the families of those who died in the Columbia explosion. email this \| print this