Lincoln Chafee: “I applaud the Republican leadership as well as the administration for putting together this tax bill, which is an…”

“I applaud the Republican leadership as well as the administration for putting together this tax bill, which is an integral component of the overall plan to balance the Federal budget. While I have not been an enthusiastic supporter of tax cuts at this time, there are provisions in this bill that I have vigorously sought to have enacted, and which will significantly help the people in my home State of Rhode Island, as well as the entire country. The centerpiece of the tax bill is the $500 per child tax credit. For a married couple with two children that's an extra $1,000 for them to spend as they see fit. The bill also includes several provisions that help families meet the cost of sending their children to college. Under the bill, low- and middle-income families can qualify for income tax credits of up to $1,500 to offset the cost of college tuition. To help families save for education expenses, the bill establishes education savings accounts. Contributions to these accounts are not tax deductible, but distributions are tax-free if used for tuition, room and board expenses. I am also pleased that the conferees chose to include an extension of the tax break afforded to employer-provided education.”