Parents Give Away Child Tax Credits to Counter Bush Tax Agenda

7/24/2003

From: Betsy Leondar-Wright of United for a Fair Economy, 617-423-2148 ext. 13

WASHINGTON, July 24 -- "Sure, I could use this $400 check. But then I think about how the broader tax cut will affect me. My daughter will lose her school librarian and her art teacher. We're going to wait longer for the bus. The municipal pool will be closed this summer. You know, at some point, as a taxpayer I have to say, 'Yes, it's my money, but I got something for my taxes, and now it's going away,'" said Chuck Collins, parent and program director at United for a Fair Economy

Ironically, according to United for a Fair Economy, some of the child tax credit checks that President Bush sends to parents will go to efforts to oppose Bush's "tax breaks for the rich" agenda.

United for a Fair Economy has launched a "Let's REALLY Leave No Child Behind" petition drive and pledge campaign (online at http://www.FairEconomy.org/childcredit) to oppose huge tax breaks for the rich as well as the exclusion of low-wage working parents from the tax credit.

Some parents are giving their tax credits to the Fund for Tax Fairness, sponsored by the Funding Exchange, which gives grants to organizations advocating more progressive taxation. Others are forwarding part of their child tax credit to local schools, libraries, and human service organizations that have been hit hard by budget cuts.

Over the next four years, the bottom 60 percent of taxpayers receive just 8 percent of the 2003 tax cut, while the top one percent take home 36 percent. And, despite the President's "leave no child behind" rhetoric, 12 million children in low-income families do not qualify for the child tax credits.

"This year, President Bush will send an average tax break of $93,000 to those earning a million dollars or more. But don't expect him to hold a press conference to announce it. In fact, largely due to Bush's tax breaks for the wealthy, the government will have to borrow $570 billion to make ends meet this year. That's $7,800 in additional national debt for every American child. Instead of checks, Bush should be sending out invoices," said Chris Hartman, research director, United for a Fair Economy

United for a Fair Economy (UFE) is a national non-profit organization that spotlights the dangers of growing inequality of income and wealth.