House Bill Adds $69 Billion in Deficit-Financed Tax Cuts By Extending Child Tax Credit to Families With Incomes Up to About $300,000

Publication Date: May 2004

Publisher: Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Robert Greenstein

Research Area: Banking and finance

Keywords: Tax code; Economic projections; Income diversity; Household income

Type: Report

Abstract:

The child tax credit bill that the House of Representatives will consider this week greatly expands the tax credit for families in the $110,000 to $300,000 range, ballooning the bill’s cost to $228 billion through 2014, according to the official Joint Tax Committee estimate, and to $213 billion according to the Urban Institute-Brookings Institution Tax Policy Center estimate.