The “Earned Income Tax Credit” (EITC) and the “Child Tax Credit” (CTC) that millions of poor and hard-working middle class families receive each year, may be cut in half or perhaps more if President Obama gets his way in the Debt/Budget negotiations.
Here is the background story:
In his current quest for more revenue to the government, Obama constantly attacks the Tax Credits that were expanded by former President George W. Bush with the backing of the Republicans in the House and Senate (a.k.a. the Congress). In the 2001 Bush Tax Cuts, the EITC was dramatically increased. Separately, the base was broadened for more people to qualify for the Child Tax Credit. The amount credit per child was also increased. Two years later, as part of the 2003 Bush Tax Cuts, the Child Tax Credit doubled to $1,000 per child, depending on income. (The Child Tax Credit first became law after the Republican House/Senate introduced this idea and voted for it in 1997).
ALL Senate democrats and almost all House Democrats voted against giving more earned income and child tax credits for the poor in the 2003 tax bill as did most Democrats in 2001. But because Democrats were then in the minority their vote did not stop these tax changes from taking place and helping so many struggling Americans. In December 2010, these credits were about to expire with an annual average loss of $3,000 to a family of four earning $50,000. But the newly-elected Republicans in the House forced Obama to extend these benefits for millions of poor Americans but Obama gave only a short term extension. Now the President is charging against the Bush Tax Cuts, and with the Democrats holding a majority in the US Senate, in addition to a huge number of members in the House, those extended and expanded Tax Credits may be reduced and shrunk!
CONTACTING the offices of Senator Schumer and Gillibrand in New York (Senators Lautenberg and Menendez if you live in New Jersey), and asking they should NOT roll back the 2001 and 2003 Bush Tax Cuts, may save these tax benefits! Contacting the offices of our Congress people and requesting that the Bush Tax Cuts should be left in place, may also be a great help.
ALSO, by signing this petition, you are asking the House and Senate Democrats to preserve the extended and expanded Bush Tax Credits for the Poor and Middle Class. This will guarantee that it won’t be cut in any debt negotiations going on now in Washington. Please sign the petition and inform others about this. Direct Link to the Petition: http://www.thepetitionsite.com/3/saving-the-earned-incomechild-tax-credits-for-the-poor/