[Capitalism2003]

I think everyone would have liked a higher number...but we need to look at the big picture. Any tax relief...especially the accelerated rate reductions across the board is a great thing for America. It reduces the punishment for work...The dividend tax reductions will reduce the punishment for investments...We also got accelerated marriage penalty relief and a doubled child tax credit I believe. These are things that will put money in the pockets of every American...and that is ALWAYS a good thing.

With this package, added on to the package of 2001, over the next few years, we will be getting MORE than Bush campaigned for in 2000. It's a win for us any way you look at it.

[enuu]

Thanks, good points.

[NittanyLion]

With this package, added on to the package of 2001, over the next few years, we will be getting MORE than Bush campaigned for in 2000. It's a win for us any way you look at it.

Right on. I haven't always been pleased with the President's domestic policy, but his tax cutting performance has been absolutely brilliant.

[m1-lightning]

The bulk of the bill moves up cuts in income tax rates passed by Congress two years ago, increases the child tax credit to $1,000 and gives married couples a tax break.

Quote from below: Taxpayers with investment income of more than $2,600 are not eligible for the credit.

If this is a tax cut for the rich, then I'm a donkey

Rate Tables : Earned Income Credit and the Child Tax Credit

Earned Income Credit
2002
No. of Children	Maximum Credit	Highest AGI*
0	$376	$11,060
1	$2,506	$29,201
2 or more	$4,140	$33,178
Taxpayers with investment income of more than $2,550 are not eligible for the credit.
2003
No. of Children	Maximum Credit	Highest AGI*
0	$382	$11,230
1	$2,547	$29,666
2 or more	$4,204	$33,692
Taxpayers with investment income of more than $2,600 are not eligible for the credit. * Increase these amounts by $1,000 for joint return filers.

What's New for the Earned Income Credit for 2002?
Beginning in 2002, several changes apply. The computation of the credit is based on AGI rather than modified AGI and on taxable earned income rather than on both taxable and nontaxable earned income. The definition of a qualifying child has been modified, and married taxpayers filing a joint return get some relief from the marriage penalty because the beginning and end points of the phase out range are increased by $1,000.

Child Tax Credit
	2002	2003
Maximum Credit per Child	$600	$600
Credit begins to phase out when modified AGI exceeds	$110,000 (MFJ) $75,000 (SGL,HH,QW) $55,000 (MFS)	No Change
Additional Child Tax Credit Is Based on Earned Income in Excess of	$10,350	$10,500

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