Candidate Q & A Oct 11, 2008
Finally, extending the tax cuts would maintain our current child tax credit and relief from the marriage tax penalty. Lincoln Davis voted against extending these cuts that would have provided relief to so many Tennessee taxpayers. (Columbia Daily Herald, TN)
Baucus supports bailout, Tester votes no’ Oct 10, 2008
It expands the child tax credit, spares millions of families from the alternative minimum tax and includes breaks for the production of renewable energy sources, like wind or solar. The heart of the plan remains unchanged: The federal government would borrow 700 billion to buy worthless securities from struggling firms, hold onto them until the markets improve, and sell them later. (Helena Independent Record, MT)
Put It on Uncle Sam's Tab Oct 10, 2008
Social Security resulted in people no longer saving, Child tax credits resulted in more babies we could not afford, the promise of free healthcare reesulted in people buying crap they didn't need instead of health insurances. etc. (SmartMoney)
Commentary: Bailout Package Signed into Law; Economic Stimulus Still Needed Oct 10, 2008
Some of the tax cuts included in the package will help low- and middle-income families, like the expansion of the child tax credit, but without fiscally responsible offsets to these and other revenue losers, record-setting deficits will ultimately undermine their goals. This is not to say, however, that all deficit spending is not worth the price of borrowing. (OMB Watch)
Bush warns challenges remain Oct 5, 2008
Increased protection for saving deposits Increased child tax credits More aid for hurricane victims Tax breaks for renewable energy Higher starting limits to alternative minimum tax. But he said the US had to stop damage to its economy caused by "corrupt and incompetent practices on Wall Street and in Washington". (BBC News -- Americas)
Giffords changes vote on bailout (21) Oct 5, 2008
It would also increase the number of families who can qualify for the Child Tax Credit, which 53,000 Southern Arizonans claimed in 2005. Giffords says an eight-year extension of the residential and commercial solar tax credits will stimulate the local economy by creating new jobs. (Green Valley News & Sun, AZ)
Tax Provisions Bail Out 'Rescue' Measure, CCH Says Oct 4, 2008
The new law also enhances the child tax credit by lowering the "floor" for the refundability of the credit from approximately $12,050 to $8,500. "This will allow more low-income people to claim the credit, and increase the size of the credit they can claim," Luscombe said. (PR Newswire)
US markets wary over rescue deal Oct 3, 2008
These include raising the government's guarantee on savings from $100,000 to $250,000, tax breaks to help small businesses, expansion of child tax credit, and help for victims of recent hurricanes. President George W Bush said that the package was "essential to the financial security of every American". (BBC News)
Q&A: US $700bn bail-out plan Oct 3, 2008
In the Senate bill, these include not only an increase to depositor protection limits, but also some tax breaks to help small businesses and promote renewable energy, as well as an expansion of the child tax credit and help for the victims of the recent hurricanes. In the House, some Democrats also want more help for homeowners who are facing foreclosure - although Senate Republicans are strongly opposed to any change in bankruptcy laws. (BBC News -- Business)
Bail-out bill: Still a bitter pill? Oct 3, 2008
CHANGES TO BILL Raises government's guarantee on savings from $100,000 to $250,000 Tax breaks to help small businesses and promote renewable energy Expansion of child tax credit and help for victims of recent hurricanes. So called "Blue Dog Democrats" in the House - those who are more fiscally conservative - want to know how these tax breaks will be funded. (BBC News -- Business)
US Senate backs new bail-out bill Oct 3, 2008
CHANGES TO BILL Raises government's guarantee on savings from $100,000 to $250,000 Tax breaks to help small businesses and promote renewable energy Expansion of child tax credit and help for victims of recent hurricanes. The $700bn is designed to be used to buy up devalued assets from struggling firms to help kick-start the economy. (BBC News -- Business)
Congress Dawdles, Solar Sags Oct 3, 2008
But green energy is being held hostage to more controversial parts of the legislation, like higher taxes on oil companies and expansion of eligibility for the federal child tax credit. The Senate rejected the House version of the bill Monday morning, hours before the House voted down the $700 billion financial bailout package. (Forbes -- Business)
What's so wrong about mass hara-kiri? Oct 3, 2008
" But the prospects in the House are still up in the air, complicated by the reality that this new bill is anything but "clean" -- it is, in fact, three, or even four, bills, squashed together. What was once a three-page plan from Henry Paulson that became 110 pages long when considered by the House is now The Emergency Economic Stabilization Act of 2008 now also includes the Energy Improvement and Extension Act of 2008 and a smorgasbord of other add-ons. Among the notable features of the... (Salon)
House takes up Senate-passed tax break package Sep 25, 2008
The legislation also renews expired, or soon-to-expire, tax breaks for people paying state and local general sales taxes, people with higher education tuition costs, those receiving child tax credits and teachers paying school expenses out of their own pockets. "These tax measures represent real support for the American families, workers and businesses that need a break now," Senate Finance Committee Chairman Max Baucus, D-Mont. (Rensselaer Republican, IN)
The Refundable AMT Credit Sep 25, 2008
Unfortunately, for pre-2007 tax years, you were only allowed to use the AMT credit to reduce your regular tax liability (after reduction by certain other credits such as the child tax credit and the education tax credits) to the point where your regular tax equaled the AMT.. For instance, say your regular tax bill for a pre-2007 year was $35,000, and your AMT bill was $33,000. (SmartMoney)
Keep pushing Sep 18, 2008
Step Up and Act for Children also focused on issues such as juvenile justice, the No Child Left Behind Act and Child Tax Credit. Louisa Warren, representing the North Carolina Justice Center, called on the lawmakers to lower the household-income threshold for federal Child Tax Credits ... To provide needed support to more of North Carolina s working families and their children, Congress should act to lower the earnings threshold for the Child Tax Credit and end annual increases, reads the ACNC s... (Washington Daily News, NC)
Senate Breaks Impasse, Reaches Deal on Tax Relief... Sep 17, 2008
" He said he and Reid have basically agreed to the package extending tax breaks that have expired or are about to expire. Reid and the Democrats have made several attempts this year to advance a tax relief package, but have been thwarted by Republicans objecting to Democratic proposals to offset the costs of the relief. Complicating the issue is that House Democrats have insisted that they will reject any legislation to renew expiring tax bills that adds to the deficit. Baucus and Grassley said... (Fox News)
Senator Pryor listens to local citizens concerns Sep 13, 2008
Pryor also introduced and successfully passed the Tax Relief for Americans in Combat Act, which allows soldiers collecting combat pay to also take full advantage of other tax provisions, such as the Child Tax Credit. While speaking about the current fuel crisis, Pryor put up a chart illustrating the difference in percentages of fuel cost since 2002. (Heber Springs Sun-Times, AR)
Dumping on Dion Sep 13, 2008
This would represent about $5-billion per year and, if I have the room to do it without creating a deficit, I would rather invest $4-billion of this in the Child Tax Benefit, helping 800,000 children and families get out of poverty. I will also invest $1-billion in a tax credit for the working poor to help them climb over the "welfare wall. To claim that those words express Mr. Dion's policy, now that he is leader of the Liberal party, is at the very least disingenuous and slimy. But there is... (Globe and Mail)
Polls: McCain-Palin make economic gains on Obama-Biden Sep 13, 2008
McCain wants to trim corporate tax rates and double child tax credits. Obama does not support domestic oil drilling and until recently called for a rollback of 2001 and 2003 tax cuts for the wealthy and businesses. (Phoenix Business Journal, AZ)
Treasury IG finds most tax preparers make mistakes Sep 12, 2008
In one case, the preparer did not include a large early distribution from an individual retirement account as income and miscalculated the child tax credit. The result was that the supposed taxpayer qualified for the earned income tax credit available to lower income households and would have received a refund of $4,600 instead of having a balance due of $500. (San Diego Union-Tribune -- Business)
Why Our @*$! Tax Code Is So Confusing Sep 11, 2008
Phase-out rules that reduce or eliminate the chance for middle-income folks to claim the child tax credit and ... In the name of "fairness" Congress changed the rules to allow these nice grandparents and aunts and uncles to claim tax breaks, like dependency exemption deductions and child tax credits, for the kids they are selflessly supporting. (SmartMoney)
Dion casts Harper as '19th century' Sep 10, 2008
Restoring the Court Challenges Program cut by the Harper Conservatives, doubling the $1,200 Tory child tax credit for low-income households and panning Harper's proposal to cut diesel taxes added up to a promise-heavy agenda on a day that was supposed to be all about a Dion image makeover ... As the Conservatives aired a new TV ad that said Dion would axe the Child Tax Benefit, Dion highlighted his Green Shift platform promise to maintain the yearly $1,200 stipend, enrich it by $350 for every... (Canoe.ca)
Bush Switching Priority From Social Security to Taxes (Update1) Sep 10, 2008
They have proposed a plan that makes it easier for lower- income Americans to claim a child tax credit and ends tax breaks on the international income of U.S. companies. Mitchell, the Heritage Foundation analyst, said Bush may have to be bolder to appease his conservative base, members of whom have been disappointed by record levels of government spending during his administration. (Yahoo News -- Social Security)
Liberals up the ante in face of attack ads Sep 9, 2008
phane Dion is promising to double the federal child tax credit for low-income Canadians and add $350 to the annual $1,200 credit for all families. Mr. Dion fired back today at new Conservative ads that claim he would cancel the taxable, $100-per-month benefit introduced by Conservative Leader Stephen Harper. (Globe and Mail -- National)
McCain, Obama campaigns grapple for 'change' Sep 8, 2008
lizzie wrote on Sep 5, 2008 10:27 AM:" McCain is going to be the same as Bush. You want more of that? Vote for him. What did I get from McCain? 1. Keep taxes low and cut them where he could. **What does that mean??? The rich keep getting richer and the middle class falls into the lower eschelons of society??** 2. Double the child tax exemption from $3,500 to $7,000. **Great for ppl with kids - what about the hard working middle class without kids???** 3. Cut the business tax rate to help... (The Pantagraph newspaper)
SASD TEACHERS STRIKE - Weigh in on the issue! Sep 7, 2008
Montgomery Newspapers - SASD TEACHERS STRIKE - Weigh in on the issue. Advanced News Search. (Springfield Sun, PA)
The Rhetoric and the Reality Sep 6, 2008
Mr. McCain would also double the child tax exemption to $7,000 and reduce business taxes. Mr. Obama would reduce income taxes and provide credits for people earning less than $250,000 a year. (New York Times)
McCain's text Sep 6, 2008
Doubling the child tax exemption from $3500 to $7000 will improve the lives of millions of American families. Reducing government spending and getting rid of failed programs will let you keep more of your own money to save, spend and invest as you see fit. (Atlanta Journal-Constitution)
McCain offers his prescription for U.S. Sep 6, 2008
Double the child tax exemption from $3,500 to $7,000. Cut the business tax rate to help American companies compete and keep jobs from moving overseas. (CNN -- Law)
Did you hear Gov. Sarah Palin? What do you think? Sep 5, 2008
Don't forget the child deductions and child tax credits when you do the math. Look at the whole picture. (Columbus Telegram, NE)
John McCain's Acceptance Speech Sep 5, 2008
Doubling the child tax exemption from $3500 to $7000 will improve the lives of millions of American families ... Location: TN Reply # 2 Date: Sep 5, 2008 - 8:13 AM EST Palin a winner, Obama, Biden and McCain "Doubling the child tax exemption from $3500 to $7000 will improve the lives of millions of American families.". (Townhall.com)
McCain sketches policy blueprint Sep 5, 2008
Doubling the child tax exemption from $3,500 to $7,000 will improve the lives of millions of American families ... Obama has also discussed cutting corporate tax rates and increasing the child tax exemption ... Will you close loopholes and breaks when you cut the corporate tax rate, will the child tax credit apply across the board or phase out. (Yahoo News -- Politics)
John McCain’s Night Sep 5, 2008
On taxes, McCain added that he would cut our corporate income tax rate, the world s second highest, and double the child tax exemption. From issue to issue, McCain consistently gave a conservative free-market position while making pointed comparisons to Barack Obama s very different views. (Human Events Online)
2008 Republican National Convention: Remarks as Prepared for Delivery by Meg Whitman Sep 4, 2008
In his first 100 days in office, they will put forward proposals to double the size of the child tax exemption, putting more money in your pockets. They will push Congress to reduce business taxes, so that entrepreneurs and especially small business have the money they need to expand and create jobs. (PR Newswire)
CongressNow: Hill Democrats See Target in McCain Tax Plan Sep 3, 2008
These include the creation of a 10 percent tax bracket, marriage penalty relief, an increase in the child tax credit, as well as lower taxes on capital gains and dividend income. McCain also seeks to permanently repeal the alternative minimum tax, a move his predecessor did not attempt. (Roll Call)
Help working poor, help the economy Aug 28, 2008
Equally important, Congress can pass legislation to expand the child tax credit provision currently in the tax extender bill. The bill could benefit more than 36,000 children in Montana. (Missoulian, MT)
Qualifying date for enhanced M&P Package backdated to Aug 17 Aug 22, 2008
" Working mums will benefit from the generous tax benefits in the package. Take for example a working mother who earns S 100,000 a year and has two children. Under the existing tax scheme, she will enjoy S 24,000 in child tax relief and working mother's child relief. Under the new scheme, her total child relief would go up by about 80 per cent to S 43,000, which could be used to offset her earned income for tax purposes. But even with the benefits now backdated, not everyone is convinced that... (Channelnewsasia.com)
McCain jabs Obama on taxes as AFL-CIO focuses on Social Security Aug 15, 2008
McCain wants to double child tax credits to $7,000 per dependent, trim corporate income taxes from 35 percent to 25 percent and keep the 2001 and 2003 tax cuts in place. The AFL-CIO is sending mailers to voters in battleground states such as Ohio and Pennsylvania saying McCain' stance on Social Security could hurt the system. (Phoenix Business Journal, AZ)
FACTBOX - McCain and Obama on taxes and fiscal spending Aug 14, 2008
Obama: Make permanent select provisions, including expanded child tax credits and the 10-, 15-, 25- and 28-percent tax rate brackets. He would allow the top two rates of 36 and 39. (International Herald Tribune -- Arts)
LETTERS: NCT, Aug. 11, 2008 Aug 12, 2008
The $1,000 child tax credit, the marriage penalty, and a new 10 percent tax bracket for the lowest incomes. Expanding his newer pledges will further frustrate them. (North County Times)
Transcript: McCain Campaign Manager on 'FNS' Aug 11, 2008
" DAVIS: Thank you, Chris. WALLACE: According to a recent poll and let's put it up people rate Obama's ads as positive by a margin of 38 percent to 13. But they view McCain's ads as negative 31 percent to 19. Mr. Davis, why is the McCain campaign spending so much time and so much of its money attacking Obama? DAVIS: Well, first of all, I don't think that we are spending that much time and money attacking Obama. And I would say Obama is spending exactly the same amount of time attacking us and,... (Fox News)
Dems vying for Mica's post split over offshore drilling Aug 10, 2008
News - newsjournalonline. SUNDAY, AUGUST 10, 2008. (Daytona Beach News Journal)
How Texans voted in Congress Aug 3, 2008
The bill also contained a temporary fix of the Alternative Minimum Tax, renewed the research and development tax credit for businesses, temporarily expanded the child tax credit, and extended college-tuition tax credits, among its hundreds of provisions. The energy credits would promote fuel extraction from sources such as the sun, wind, earth and crops and promote the manufacture of more energy-efficient homes, buildings and appliances. (Houston Chronicle)
Tax-Cut Nation Aug 3, 2008
When those cuts sunset after 2010, the child tax credit will shrink, the marriage penalty will return and Americans will see a big bump in their tax bills. But why add more goodies. (Townhall.com)
Economists: McCain would be better for stock markets than Obama Jul 30, 2008
McCain wants to cut U.S. corporate income tax rates from 35 percent to 25 percent, double the $3,500 child tax credit, and ban Internet and new communications taxes. The Arizona Republican also backs domestic offshore drilling and free trade policies. (Jacksonville Business Journal, FL)
New president must decide who will bear tax burden Jul 29, 2008
His spokeswoman said Baucus wants to see the 2001 rate cuts and other tax breaks such as the child tax credit extended. A Baucus critic, left-leaning syndicated columnist and author David Sirota, said I dont expect Baucus to play a very progressive role in the tax debate next year. (MSNBC -- Politics)
Gov't moves to restore Celil's wife's benefits Jul 29, 2008
MaryTThe child tax credit is paid to the mother based on income of both parents. Did the mother file a tax return. (CTV.ca)
Walz unveils tax-cut proposal Jul 29, 2008
The proposal would enact further tax cuts by allowing more taxpayers to deduct local property taxes without itemizing them, and and by expanding access to the federal child tax credit. Here's a link to a video that shows Walz unveiling the proposal in the U.S. House. (Winona Daily News, MN)
Tax changes ahead, no matter who wins Jul 27, 2008
John McCain and Barack Obama say they would extend the Bush tax cuts for those making less than $250,000 a year -- mainly the $1,000-per-child tax credit, lower income tax rates and elimination of the marriage penalty ... McCain and Obama both want to extend the Bush tax cuts for those making less than $250,000 -- mainly the $1,000 per child tax credit, lower income tax rates and elimination of the marriage penalty. (News & Observer)
McCain's, Obama's tax plans would hike debt, study says Jul 25, 2008
"He said the report wrongly made it look as though the two candidates were similar in both proposing big increases in the national debt. He said that Obama would reduce annual budget deficits and the national debt, but he wouldn't specify how that would happen.Doug Holtz-Eakin, the senior policy adviser to the McCain campaign, countered that McCain would be able to eliminate the annual deficit by 2013 because his tax cuts would create more jobs and stir economic growth. "This is the first step... (Anchorage Daily News)
House candidate campaigning for change Jul 22, 2008
Articles receiving the most comments in the past 72 hours. Where does your Pioneer Day celebration/observance rank compared to the Fourth of July. (Logan Herald Journal, UT)
McCain Pushes Economic Fixes At La Raza Convention Jul 15, 2008
McCain said his economic plan included doubling the federal child tax deduction from $3,500 to $7,000. And he said his administration would offer homeowners having difficulty meeting their house payments "guaranteed, fixed-rate, 30-year mortgage that will allow them to remain in their home, and raise their family with dignity." McCain said he was a strong supporter of free trade pacts, including NAFTA, the Central American Free Trade Agreement, and the Colombian Free Trade Agreement. (NBCSandiego.com, CA)
Harper ridicules Dion proposal as 'green shaft' Jul 14, 2008
9 billion for a universal child tax benefit. Calgary Herald. (Canada.com)
McCain, Obama duel on economic fix-it plans Jul 13, 2008
McCain s plans include doubling the child tax deduction from 3,500 to 7,000 for every dependent. He also cited his plans to cut the estate tax, although Democrats note that it applies to few Americans. (Somerset Daily American, PA)
Talks to Latinos contrast candidates' styles Jul 13, 2008
He promised to double the child tax deduction to $7,000 and lower the estate tax to 15 percent, while offering a $5,000 tax credit to help families buy health insurance. He said a health care mandate would prove crushing to small businesses. (San Francisco Chronicle)
John McCain's radical tax plan Jul 13, 2008
In addition to permanently extending Bush's tax cuts, the major features of McCain's plan include slashing the corporate tax, reducing the estate tax, giving companies a deduction on new equipment and increasing the child tax credit. McCain also wants to extend relief from the gas tax this summer and the alternative minimum tax (AMT), which has been hitting upper-middle-class families with higher tax rates in recent years. (Salon)
Bait and shift Jul 7, 2008
A more severe example of how the scheme would work at cross-purposes is its proposed guaranteed family supplement, to be paid as an addition to the existing child tax benefit. Like that benefit, it would phase down to zero over low to moderate incomes. (Globe and Mail)
Economics only thing shifting Jun 28, 2008
Nobody will score many political points going after the lower-income tax cuts or the classic Liberal redistribution schemes -- a $3-billion child tax credit and credits for rural residents and aid for green corporate investment. That's the easy stuff, the winning part of the $15-billion carbon tax equation that tells us where the money will go. (National Post)
Corporate Voices for Working Families Endorses Proposed Legislation to Expand EITC Education Jun 26, 2008
The guide provides detailed information about the Earned Income Tax Credit, Child Tax Credit, SCHIP and other federal and state supports ... "The information in this reference guide helps employers inform employees and shows them how to keep more of what they earn. And by helping employees claim tax credits and federal benefits, companies build trust by making employees aware of valuable resources." The Employer Guide includes the following tools: -- Information on the Earned Income Tax Credit... (PR Newswire)
The Green Shift is good for Canada Jun 25, 2008
Finally, the National Post doesn't like our new universal child tax benefit, arguing that smart green taxation would severely punish the creation of a new human being that is going to exhale carbon dioxide. Our plan is to reconcile humanity and the planet by changing behaviour, not to solve the world's global warming problem by shrinking the human race. (National Post)
Liberals give business the shift Jun 20, 2008
What, exactly, does a higher child tax benefit (price tag, $2. 9-billion) have to do with cutting greenhouse gases. (Globe and Mail)
Remarks by the President at the 2008 President's Dinner Jun 19, 2008
The child tax credit will be cut in half. Taxes on capital gains and dividends will increase significantly. (White House News Releases)
Pelosi: Senate Republicans Block Bill That Invests in Renewable Energy, Creates Jobs and Cuts Taxes Jun 18, 2008
The House already passed similar legislation this Congress: "Today, Senate Republicans blocked legislation that invests in the clean renewable energy that will put our nation on a path toward energy independence. It would also create hundreds of thousands of good-paying green jobs, spur American innovation, and cut taxes for millions of Americans. "The number of people this legislation would help is significant: for example, 30 million homeowners would receive property tax relief; 13 million... (PR Newswire)
Sask. not the most tax-friendly province, says think tank Jun 14, 2008
"You can increase the child tax credit, you can do some adjustments to the actual rates and the rate levels, so there's lots of different ways you can approach it to achieve a desired result," Gantefoer said. The government could potentially make "adjustments" this fall, around the mid-way point of the province's fiscal year, while major changes wouldn't likely occur until the next budget, Gantefoer said. (Canada.com)
