[Congressional Record (Bound Edition), Volume 150 (2004), Part 9]
[Extensions of Remarks]
[Page 11366]
[From the U.S. Government Publishing Office, www.gpo.gov]




          CHILD CREDIT PRESERVATION AND EXPANSION ACT OF 2004

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                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                         Thursday, May 20, 2004

  Ms. McCOLLUM. Mr. Speaker, today the House considers H.R. 4359, to 
make the increase in the child tax credit permanent and expand it for 
taxpayers in the $110,000 to $300,000 range. Instead of taking 
responsible steps to make permanent a tax cut to help working families 
with children, this bill balloons our federal debt and gives thousands 
of dollars in extra tax breaks to the very wealthiest Americans.
  Meanwhile, those who need help the most, low- to moderate-income 
working families with children, receive little benefit under this bill. 
And those at the very bottom get nothing. Even worse, this bill 
threatens middle-class families as the legislation fails to pay for 
these tax cuts--increasing record deficits that threaten economic 
growth, raise interest rates, and cost jobs.
  I support middle-class tax cuts and the child tax credit, but middle-
class families would be much better off if these tax cuts were paid for 
and targeted to those who need them most. I support the Democratic 
alternative which makes sure these tax cuts are paid for through 2010, 
increases the child tax credit for more than 31 million middle-income 
families with children, over 75 percent, currently receiving the 
credit, and provides the child tax credit to an additional 2.5 million 
working families, instead of showering more tax cuts on those who have 
already benefited under the Bush tax cuts.

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