Eva M. Clayton: “the tax bill that we are here discussing and in particular the tax bill under the reconciliation package looks good on…”

“the tax bill that we are here discussing and in particular the tax bill under the reconciliation package looks good on its face. Federal taxes are cut by a total of $133 billion over 5 years. I believe the American people deserve and want a tax cut. But the devil is in the details of the tax bill. The bill has a phased-in $500 per child tax credit. This is a very important and most needed credit. Most Americans would certainly want that and embrace that. But the bill does not allow the credit before an earned income tax calculation. What does that mean? It means that low-income, struggling working people would therefore not get the same benefit that most Americans would get because they would be denied to have that opportunity as those who make more. Some 28 million children would be denied this tax credit because they do not earn enough money to get a tax break. Mr. Speaker, I believe the American people would be quite surprised to know, if some have their way, that the days of tax relief only for those who do not need tax relief are not over. The bill provides for estate tax relief. Again, this is a very welcome initiative that farmers and small businesspersons in my State have been seeking for a long time. But here again the bill phases that relief in, $20,000 a year over 15 years, while immediate and more relief to working families is needed. They need a faster phase-in.”