But some features don't get extended. While the bill makes permanent the expansion of the Child Tax Credit (CTC) signed into law by George W. Bush as part of the 2001 tax cut deal — which bumped the credit from $500 to $1,000 — it does not extend an expansion that was passed as part of the 2009 stimulus package, and has been renewed since then, allowing poor families to refund more of the credit. Nor does it extend the stimulus's expansion of the Earned Income Tax Credit (EITC), by far the most important anti-poverty program the federal government has, or the American Opportunity Credit (AOC), which provides tuition assistance for middle-class families.
The working poor, on average, would see taxes go up between $1,000 and $1,500 dollars. Barely anyone making over $100,000 would see a tax increase, and as a percentage of income, middle and upper middle class people making between $40,000 and $100,000 a year would see taxes go up less. But low income families earning $10,000 to $30,000 a year really take a beating under Boehner's plan. Of course, if we do nothing, then the 2001 provisions expire as well and poor families are really in for a bruising.