Don Nickles: “I urge any colleagues to vote no on the Kerry amendment. This is really an amendment to make the credit refundable.…”

“I urge any colleagues to vote no on the Kerry amendment. This is really an amendment to make the credit refundable. Another way of saying that, this is a way for the Federal Government to spend more money. Costed out, the outlays will increase in this bill under this amendment by $22 billion over 5 years, by $47 billion over 10 years. I might mention, refundable credits are one of the most fraudulent in government. The EITC program has exploded. It has an error rate of over 25 percent. This is an amendment to redistribute wealth, and it denies tax credits for families that have incomes above $60,000. I urge my colleagues to vote no on this amendment.”