Conference Report On H.R. 1308, Working Families Tax Relief Act Of 2004
Mr. Speaker, I thank the chairman for yielding me time. I rise today in support of H.R. 1308, the Working Family Tax Relief Act. We must act today to preserve the relief plan that has created record-breaking economic growth and has spurred…
Mr. Speaker, I thank the chairman for yielding me time.
I rise today in support of H.R. 1308, the Working Family Tax Relief Act. We must act today to preserve the relief plan that has created record-breaking economic growth and has spurred the creation of over 1.7 million jobs alone in the last year. Failure to act today will result in 93 million Americans and their families paying on average $565 more on their taxes next year.
As my colleagues heard the gentleman from Florida (Mr. Shaw) say, many of these families will be our military families, with a parent fighting somewhere in the global war on terror. Our military families are paying Uncle Sam enough just with their honorable service, and we should do everything we can to allow them to keep more of their hard- earned money.
This tax extension has important economic impacts for all of our military families. This bill provides an additional $199 million of assistance to military families in combat zones, and my colleagues heard the gentleman from Florida (Mr. Shaw) say this bill increases the child credit for military families by allowing them to include tax-free combat pay when calculating their refundable child credit.
He also said, and as we heard the chairman say, this bill increases the earned income credit for military families in 2004 and 2005 by giving them the option to include combat pay in calculating that tax credit.
Congress must pass this bill and help extend tax relief to our very important military families.
