June 13, 2003 03:39 PM | Permalink |
Over the next four years, the child credit bill passed on June 12 by House Republicans would give 2.4 times as much in total tax cuts to families with children under 17 with family incomes above $104,000 than it would give to families making less than $28,000. Fewer than one in seven families with children under 17 makes more than $104,000 this year, while almost one in three makes less than $28,000.
An analysis of the House GOP bill by the Institute on Taxation and Economic Policy finds that over the next four years:
- Families with children under 17 and incomes of $28,000 or less would get an average of $421 in tax savings — only $105 a year.
- In contrast, families with children under 17 and incomes of $104,000 or more this year would get an average of $2,245 in tax savings — $561 per year.
- Families making less than $28,000, who are 30.3 percent of all families with children under 17, would get 11.9 percent of the tax cuts under the bill over four years.
- Families making more than $104,000, who are 13.7 percent of all families with children under 17, would get 28.7 percent of the bill’s tax cuts over four years.