I rise to put to rest, once and for all, this phony business that has been going on in this House for many weeks, in fact several months, where people keep trying to say that we are taking from the poor and giving to the rich through a tax program. Let me tell my colleagues a little bit about the tax program. Is a $500 credit for home care for the rich? Darn right, it is not. It is for the most needy people around here. Is a $500 credit for long-term care insurance for the rich? One of the most important things for senior citizens is that long-term care. That is not for the rich. Is a $2,000 IRA for the parent who stays at home for the rich? No, that is not for the rich. Is the $500 for an adoption? We talk about pro-choice/pro-life all the time. Is that for the rich? No, it is not. Mr. Chairman, I was a sucker for a while, thinking that the $500 credit for every child was for the rich. Then I got off my high horse and did a little study, and I discovered that, as a matter of fact, 31 percent of that goes to families with incomes of $18,000 and less; 65 percent of it goes to families with incomes of $50,000 and less.
Editor's note · Context
Addressing misconceptions about tax credits and their benefits for low-income families.
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