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Jims best angle

When the "Bush Tax Cuts" expire in 2009, what will happen to the $1,000 pre Child Tax Credit?

I was looking at the Obama Tax Plan and can find any mention of the current Child Tax Credit of $1,000 per child. The word Child or Children is mentions 12 times in this PDF. does not address the Child Tax Credit so I must assume, it will expire with the Bush Tax cuts in 2009.BO's tax calculator (Ha! Ha!) says, I will save $1,300 over the McCain Plan, but if the Child tax Credit in acted under the "Bush tax cuts" expire that figure makes no sense?McCain wants to extend the "Bush Tax cuts" which would maintain the Child tax Credit. How can the BO plan actually save me money, if families who actually pay taxes loose a TAX CREDIT of $1,000 per Child. It does not added up for me how about you??
"The new law accelerates the increase in the size of the credit from $600 to $1,000 per child for 2003 and 2004. If not extended at this level, the credit would fall back to $700 per child in 2005 and gradually increase to $1,000 in 2010 as prescribed in the 2001 tax law.
This provision of the new law provides a $400 child tax credit increase per child for many middle-income families. For example, a married couple with two children and income of $50,000 would receive an $800 tax cut in 2003 from the increase in the size of the child tax credit.
For low-income families, the amount of the child tax credit often is limited by the amount of the credit that is refundable. Simply increasing the size of the credit to $1,000 does not increase the amount of the benefit for most of these families."


Impact of the Obama Tax Plan
Married Couple Making $75,000 with two children, one of whom is in college $3,700
[includes $1,000 Making Work Pay; $500 universal mortgage credit; and $4,000 college credit net of current college credits]
Married Couple making $90,000$1,000
Single Parent making $40,000 with two young children and childcare expenses.$2,100
[includes $500 making work pay; $500 universal mortgage credit, and $1,100 from Obama expansion of the child care tax credit]
70-Year Old Widow Making $35,000$1,900

Source: Calculations based on IRS Statistics of Income. Tax savings is conservative; does not account for up to $500 in savings from expanded Savers Credit and the $2,500 in savings per family from the Obama healthcare plan

Jims best angle:

Who cares honesty about a tax credit to low income families. They do not pay income tax they DO NOT NEED A TAX CREDIT.
I will look at your link as Obama's Tax plan on his website certainly says nothing about child tax credits


Actually, the second portion is from Obama's web site. Obama is only rolling back the Bush tax cuts on those that make more then $250K. I think that Obama's tax cuts are in addition to the Bush tax cuts.


Have you check out McBush health care plans or what he plans to do for education? What is he going to do for senior citizens?

Jims best angle:

I could not care less, the question was about child tax credits.

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