Pete Domenici: “I would like to state what the Grassley proposal is. It would make permanent the increase in the child tax credit. The…”

“I would like to state what the Grassley proposal is. It would make permanent the increase in the child tax credit. The bill signed by the President last week increases the credit from $600 to $1,000 for the next 2 years. The Grassley amendment would make the increase permanent. Second, it would eliminate the marriage penalty built into the current child tax credit. The Grassley amendment increases the income phaseout for married couples filing jointly to twist the limit for single individuals filing alone. The Lincoln amendment fails to address this inequity in the current formulation of the child tax credit. Third, the amendment would create a uniform definition of a 'child.' This language is identical to the legislation introduced by Senators Grassley and Baucus. This change reduces from five to one the number of definitions of a 'child' in the Tax Code, which will simplify part of the code that will directly affect working families.”